Thursday, October 4, 2012

This Weeks EIA Natural Gas Update For Thursday October 4th

* Natural gas prices posted increases across the board for the report week (Wednesday to Wednesday). The Henry Hub closed at $3.21 per million British thermal units (MMBtu) yesterday, up 29 cents per MMBtu for the week. Other spot prices rose roughly between 20 and 40 cents per MMBtu.

* On Thursday, the November 2012 New York Mercantile Exchange (NYMEX) contract moved into the near month position. It increased from $3.023 per MMBtu last Wednesday to close at $3.395 per MMBtu yesterday. It traded above most spot prices for the duration of the week.

* Working natural gas in storage rose last week to 3,653 billion cubic feet (Bcf) as of Friday, September 21, according to the U.S. Energy Information Administration’s (EIA) Weekly Natural Gas Storage Report (WNGSR). An implied storage build of 77 Bcf for the week moved storage levels 272 Bcf above year ago levels.

* The Baker Hughes Incorporated natural gas rotary rig count fell by 19 to 435 active units on the week ending September 28, after increasing the week before. The oil directed rig count increased by 8 to 1,410 units.

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