Thursday, September 9, 2010

EIA Natural Gas Weekly Update

Price changes during the week were mixed, but in most areas, these changes were moderate. The Henry Hub price rose slightly from $3.73 per million Btu (MMBtu) on Wednesday, September 1, to $3.81 per MMBtu yesterday. The report week was shortened due to the Labor Day holiday.

At the New York Mercantile Exchange, the price of the October 2010 futures contract rose about 5 cents, from $3.762 per MMBtu on September 1 to $3.814 per MMBtu on September 8.

Working natural gas in storage as of Friday, September 3, was 3,164 Bcf, following an implied net injection of 58 Bcf, according to EIA’s Weekly Natural Gas Storage Report.

The West Texas Intermediate crude oil spot price rose 68 cents from $73.97 per barrel, or $12.75 per MMBtu, to $74.65 per barrel, or $12.87 per MMBtu.

The natural gas rotary rig count, according to data released by Baker Hughes Incorporated, rose by 4 to 977 as of September 3 (see “Other Market Trends”).

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