Natural gas prices generally flat

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Natural gas spot prices were generally flat for the report period, moving by a few cents in some locations. The Henry Hub spot rose by 5 cents, moving from $4.78 per million British thermal units (MMBtu) last Wednesday to $4.83 yesterday.

click image to zoom At the New York Mercantile Exchange (Nymex), the June contract fell by more than 7 cents, beginning the report week at $4.815/MMBtu last Wednesday and settling at $4.740/MMBtu yesterday.

Working natural gas in storage rose to 1,055 Bcf as of Friday, May 2, according to the U.S. Energy Information Administration (EIA) Weekly Natural Gas Storage Report (WNGSR). A net storage injection of 74 Bcf for the week resulted in storage levels 43.0% below year-ago levels and 48.2% below the 5-year average.

Active oil and natural gas drilling rigs totaled 1,854 as of May 2, down by 7 rigs from the previous week, according to data from Baker Hughes Inc. The natural gas rig count was flat at 323, and the number of oil-directed rigs decreased by 7 to 1,527. The oil rig count is currently 124 higher than this week last year, and the gas rig count is 31 lower.

The weekly average natural gas plant liquids composite price decreased again this week (covering April 28 through May 2), falling 2.0% from $10.31/MMBtu to $10.10/MMBtu. The Mont Belvieu spot prices of ethane, propane, butane, and natural gasoline drove the decline, falling by between 1% and 3%. The isobutane spot price was flat.

Working natural gas in storage rose to 1,055 Bcf as of Friday, May 2, according to the U.S. Energy Information Administration (EIA) Weekly Natural Gas Storage Report (WNGSR). A net storage injection of 74 Bcf for the week resulted in storage levels 43.0% below year-ago levels and 48.2% below the 5-year average.

 



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