Thursday, November 15, 2012
EIA Weekly Natural Gas Update
* Natural gas prices generally registered overall increases for the report week (Wednesday to Wednesday) at many of the country’s trading locations. The Henry Hub price dipped during the early portion of the reporting period before rebounding to close at $3.66 per million British thermal units (MMBtu) yesterday (up 19 cents per MMBtu for the week).
* The natural gas futures market trended higher over most of the week. At the New York Mercantile Exchange (NYMEX), the December 2012 natural gas contract gained 18.2 cents per MMBtu to close at $3.760 per MMBtu yesterday.
* Working natural gas in storage declined last week to 3,911 billion cubic feet (Bcf) as of Friday, November 9, according to the U.S. Energy Information Administration’s (EIA) Weekly Natural Gas Storage Report (WNGSR). An implied storage withdrawal of 18 Bcf for the week positioned storage volumes 71 Bcf above year ago levels.
* The natural gas rotary rig count, as reported by Baker Hughes Incorporated on November 9, decreased by 11 to 413 active units. Meanwhile, oil directed rigs increased by 16 to 1,389 units.
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Posted by Ray C. Parrish at 11:52 AM