Prices generally fell in the Northeast but rose moderately across most of the rest of the country. The Henry Hub spot price was nearly flat, gaining a penny from $3.96 per million British thermal unit (MMBtu) last Wednesday, September 10, to $3.97/MMBtu yesterday, September 17.
At the New York Mercantile Exchange (Nymex) the price of the near-month (October 2014) contract rose from $3.954/MMBtu last Wednesday to $4.013/MMBtu yesterday.
Working natural gas in storage rose to 2,891 Bcf as of Friday, September 12, according to the U.S. Energy Information Administration (EIA) Weekly Natural Gas Storage Report (WNGSR). A net increase in storage of 90 billion cubic feet (Bcf) for the week resulted in storage levels 12.2% below year-ago levels and 13.3% below the five-year average for this week.
The total rig count was 1,931 as of Friday, September 12, according to data from Baker Hughes Inc. This represents an increase of 6 from the previous week, and rigs are 163 units greater than last year's level. The natural gas rig count declined by 2 units to 338, and is 63 rigs below year-ago levels. The oil rig count rose by 8 to 1,592, and is 231 units greater than last year.
The Mont Belvieu natural gas plant liquids composite price rose 0.9% to $9.75/MMBtu for the week covering September 8- September 12. The natural gasoline price fell 2.4%, while the prices of ethane, propane, and butane rose 3.3%, 2.9%, and 0.5%, respectively. Isobutane prices were flat.
Source: U.S. Energy Information Administration