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EIA natural gas overview for the week ending Wednesday, March 19, 2014
March 20, 2014 - Ben Klein
From the U.S. Energy Information Administration:
-Spot prices fell at most market locations during the report week (Wednesday, March 12, to Wednesday, March 19) as demand declined from the strong weather-related levels of the previous week. The Henry Hub spot price fell from $4.66 per million British thermal units (MMBtu) last Wednesday to $4.44/MMBtu yesterday.
-At the New York Mercantile Exchange (Nymex), the April 2014 contract posted almost zero net change, decreasing slightly from $4.490/MMBtu at the beginning to the report week to $4.484/MMBtu yesterday.
-Working natural gas in storage fell to 953 Bcf as of Friday, March 14, according to the U.S. Energy Information Administration (EIA) Weekly Natural Gas Storage Report (WNGSR). A net storage withdrawal of 48 Bcf for the week resulted in storage levels 49.4% below year-ago levels and 47.9% below the 5-year average.
-The total rig count was 1,809 as of March 14, according to data from Baker Hughes Inc. The natural gas rotary rig count totaled 344, which represents a decrease of 1 rig from the previous week and a decrease of 87 units from the same time last year. Oil rigs rose for the fifth week in a row, by 18 units to 1,461, which is 120 greater than last year at this time.
-The weekly average natural gas plant liquids composite price decreased for the sixth week in a row this week (covering March 10 through March 14), by 0.7%, and is now at $10.08/MMBtu. This is more than $2.50/MMBtu less than at the end of January, when the composite price was $12.69/MMBtu. The price of ethane decreased by 5.1%, while the price of propane decreased for the fifth week in a row, by 0.6%. Butane and isobutane prices declined by 0.3% and 0.4%, respectively, and natural gasoline prices rose 1.9%.
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Weekly natural gas rig count and average spot Henry Hub