Sunday, November 4, 2012

EIA Weekly Natural Gas Report

Natural gas prices flattened out this week (Wednesday to Wednesday) following last week’s increases. The Henry Hub closed at $3.50 per million British thermal units (MMBtu) yesterday, up 7 cents per MMBtu for the week, after increasing last week by 19 cents per MMBtu. Prices mostly rose across the board, with the exception of general declines in the Rocky Mountain region and some declines in California.

The December 2012 New York Mercantile Exchange (NYMEX) decreased, from $3.776 per MMBtu last Wednesday to $3.692 per MMBtu yesterday. The November contract expired on October 29 at $3.471 per MMBtu.

Working natural gas in storage increased last week to 3,908 Bcf as of Friday, October 26, according to the U.S. Energy Information Administration’s (EIA) Weekly Natural Gas Storage Report (WNGSR). An implied storage increase of 65 Bcf for the week moved storage levels 136 Bcf above year-ago levels.

The Baker Hughes Incorporated natural gas rotary rig count fell by 11 to 416 active units on the week ending October 26. The oil-directed rig count decreased by 2 to 1,408 units.

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