Natural Gas Update – January 26, 2012
by rapidpowernet
Natural Gas Storage Facts
EIA (Energy Information Administration) reported a net withdrawal of 192 Bcf (billion cubic feet) for the week ending January 13, 2011.
Inventories are at 3,098 Bcf, which is up 20.7% or 531 Bcf from last year and 547 above the 5-year average or 21.4%.
Spot prices at most market locations fell early during the report week (Wednesday, January 18 to Wednesday, January 25), only to reverse the trend on Monday and end the report week up. The Henry Hub spot price increased 12 cents over the week, from $2.49 per MMBtu last Wednesday to $2.61 per MMBtu yesterday. The New York Mercantile Exchange followed a similar pattern, with the near-month contract (February) increasing 25.7 cents, from $2.472 per MMBtu last Wednesday to $2.729 yesterday. Working natural gas in storage fell last week to 3,098 billion cubic feet (Bcf) as of Friday, January 20, according to the U.S. Energy Information Administration’s (EIA) Weekly Natural Gas Storage Report (WNGSR). The implied net withdrawal for the week was 192 Bcf, positioning storage volumes 531 Bcf above year-ago levels.The natural gas rotary rig count, as reported by Baker Hughes Incorporated on January 20, fell by 11 to 780. The count for oil-directed rigs increased by 32 to 1,223. While the gas rig count is 14 percent lower than this week last year, the oil rig count is up by 53 percent.
12/24-Month Strip (NYMEX) Price
12 Month Strip 24 Month Strip
$3.014 MMBtu $3.353 MMBtu
