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Natural Gas Weekly Update Energy Information Administration
Overview (Wednesday, November 5, to Thursday, November 13)
http://tonto.eia.doe.gov/oog/info/ngw/ngupdate.asp
Natural gas spot prices decreased at most market locations in the Lower 48 States since last Wednesday (November 5), failing to respond to the increase in heating load that occurred across much of the country, particularly in the Midwest and the Rocky Mountains.
Since last Wednesday, the Henry Hub spot price decreased by $0.63 per million Btu (MMBtu) to $6.31 after the intraweek run-up to more than $7 per MMBtu.
At the New York Mercantile Exchange (NYMEX), futures prices for the near-month contract decreased in five of the six trading sessions covered by this report, resulting in a weekly net decrease of $0.931 per MMBtu. The December 2008 contract settled yesterday at $6.318 per MMBtu.
Natural gas in storage reached 3,467 Bcf as of Friday, November 7, with net injections totaling 62 Bcf. Currently, working gas in storage is 3.5 percent above the 5-year (2003-2007) average, but remains 2 percent below last year’s level.
The Minerals Management Service (MMS) reported that as of Wednesday, November 12, 2.1 Bcf per day of Federal offshore production remains shut in.
The West Texas Intermediate (WTI) average price decreased $7.13 per barrel since November 5. The WTI settled yesterday at $58.28 per barrel or $10.05 per MMBtu. Crude oil prices continued to slide and as of yesterday the WTI price has decreased by nearly $40 per barrel since the beginning of October.
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