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Spot Prices Weather Storage Production Weather Outlook Futures Prices
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Thursday, February 2, 2012
Natural Gas Spot Prices Near 10 Year Lows Amid Warm Weather
Natural gas prices have continued their downward trend this winter as a result of warmer than normal temperatures, ample natural gas in storage, and growing production. Population weighted heating degree days since November 1, 2011 are down 12% nationally from the 30 year average. Total working natural gas in underground storage in the lower 48 states was 3,098 Bcf for the week ending January 20, 21% above the storage levels from one year ago. Daily dry gas production averaged about 64.2 billion cubic feet per day (Bcfd) in January, up almost 10% from last January.
Click on the tab headers below to see charts highlighting factors affecting natural gas prices.
Spot Prices Weather Storage Production Weather Outlook Futures Prices
Average spot natural gas prices for January were $2.68/MMBtu. Spot natural gas prices in January 2012 reached their lowest level in 10 years except for a 4-day period over the Labor Day weekend in 2009.
Check out our FREE trade school video “The Fibonacci Tool Fully Explained”
Click on the tab headers below to see charts highlighting factors affecting natural gas prices.
Spot Prices Weather Storage Production Weather Outlook Futures Prices
Check out our FREE trade school video “The Fibonacci Tool Fully Explained”
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1 comment:
Indeed. Last weeks announcement from CHK and others might be enough to prop up the futures for a few days or weeks but unless the market sees action, cash NG will continue to move closer to zero.
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