Thursday, October 11, 2012
EIA Natural gas Weekly Update for Week Ending Wednesday 10-10-2012
Spot prices at the Chicago Citygate (Midwest), Kern River (Rocky Mountains), and Northwest Sumas (Pacific Northwest) trading points increased for the week ending yesterday by 12 cents, 17 cents, and 20 cents per MMBtu, respectively. These increases were a less pronounced continuation of those seen last week at these trading points, likely due to cooling temperatures.
* Natural gas price changes at key trading points were mixed for the report week (Wednesday to Wednesday). The Henry Hub spot price closed at $3.26 per million British thermal units (MMBtu) yesterday, up 5 cents per MMBtu for the week. Spot prices rose in the Midwest, Rocky Mountains, and Pacific Northwest, while falling in Southern California and remaining unchanged in the Northeast.
* The November 2012 New York Mercantile Exchange (NYMEX) edged upwards by 8 cents per MMBtu, from $3.395 per MMBtu last Wednesday to $3.475 per MMBtu yesterday.
* Working natural gas in storage rose last week to 3,725 billion cubic feet (Bcf) as of Friday, October 5, according to EIA's Weekly Natural Gas Storage Report (WNGSR). An implied storage build of 72 Bcf for the week moved storage levels 236 Bcf above year ago levels.
* The Baker Hughes Incorporated natural gas rotary rig count increased by 2 to 437 active units on the week ending October 5. The oil directed rig count fell by 12 to 1,398 units.
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Posted by Ray C. Parrish at 1:44 PM