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Since Wednesday, January 28, natural gas spot prices have decreased at most market locations in the Lower 48 States. For the week (Wednesday-Wednesday), prices at the Henry Hub decreased 30 cents or about 5 percent to $5.74 per MMBtu. Yesterday (February 4), the price of the NYMEX futures contract for February delivery at the Henry Hub settled at $5.654 per MMBtu, decreasing roughly 9 cents or 1.5 percent since last Wednesday. Natural gas in storage was 1,827 Bcf as of January 30, which is 3.4 percent above the 5-year average. The spot price for West Texas Intermediate (WTI) crude oil fell $0.57 per barrel, or about 1.5 percent, since last Wednesday, falling to $33.06 per barrel or $5.70 per MMBtu.
respite from below-normal temperatures led to price declines of at least 12
cents per MMBtu at virtually all market locations in the Lower 48 States since
last Wednesday, January 28. The
steepest declines occurred in the Northeast region, where prices fell more than
$1.54 per MMBtu at most markets. Prices
At the NYMEX, the price of the futures contract for March delivery at the Henry Hub decreased about 9 cents or 1.5 percent since last Wednesday, January 28, in its first week as the near-month contract. The prices of the futures contracts for delivery in the following 6 months remained within about 2 cents of last Wednesday’s level, with the April contract posting an increase and the others falling. The Henry Hub spot price has traded at a premium to the futures contract for March delivery, indicating that suppliers have economic incentives to withdraw gas from storage. However, with the warmer temperatures and the falling prices at the Henry Hub, the magnitude of the premium diminished, falling from 41 cents per MMBtu on Friday, January 30, to 9 cents per MMBtu on February 4.
gas in storage was 1,827 Bcf as of
Other Market Trends:
MMS Announces New Incentives for Natural Gas Production: The Minerals Management Service (MMS) on
Moderating temperatures reduced natural gas demand in most parts of the country, contributing to lower spot prices at most market locations. Prices fell at the NYMEX futures market from last week’s level. Working gas in storage decreased to 1,827 Bcf, which is 3.4 percent above the 5-year average.
Natural Gas Summary from the Short-Term Energy Outlook
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