Natural gas prices (Henry Hub spot) changed direction again and sharply fell during last week. During January natural gas spot price fell by 15.44% and the future price (February delivery) by 16.39%.
Here is a short recap for the developments of natural gas price for the week ending on February 3rd, the first week of February:
Natural Gas Price January/February – Weekly Recap and Analysis
Natural gas price, the Nymex Henry Hub Future Price (short term delivery) sharply fell during last week by 9.42% and reached on Friday $2.50 /mmbtu; its average daily change was -1.84%, and its weekly average price was 4.02% below the previous week’s average price.
Natural gas price (Henry Hub spot) also sharply decreased by 7.31% during the week, and its average price was 5.03% below last week’s average price.
The spread between the natural gas future and spot prices, i.e. future price minus spot price (if the spot are higher than the future its called Backwardation, if future is higher than its called Contango) was mostly in Contango during the week, by the end of the week the gap reached $0.09/mmbtu, i.e. Contango.
Natural Gas Price Charts
The following charts demonstrate the changes of natural gas (Henry Hub) and futures prices (Nymex Henry Hub) in $/mmbtu between January 30th and February 3rd.
In the first graph are the developments of natural gas prices (Henry Hub future and spot) during last week: the natural gas price (spot and future short term delivery) changed direction and sharply fell.
In the second chart are the daily percent changes of natural gas prices (Henry Hub spot and Nymex Henry Hub future).
Natural Gas Storage Data Update – EIA Report:
According to the recent natural gas report, the underground natural gas storage fell last week by 132 Bcf to 2,966 billion cubic feet for all lower 48 states; the current natural gas storage is 25.4% above the 5-year average, and is 24.6% above the storage level during the same week in 2011.
For the complete natural gas storage data report, see here.
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