Natural gas prices (Henry Hub spot) changed direction and sharply increased during last week as the Henry Hub spot price added 6.8% to it value, and the future price (short term delivery) rose by 8.06%. During February natural gas spot price increased by 5.95% and the future price (March delivery) by 7.2%.
Here is a short recap for the developments of natural gas price for the week ending on February 17th, the second week of February:
Natural Gas Price February – Weekly Recap and Analysis
Natural gas price, the Nymex Henry Hub Future Price (short term delivery) sharply increased during last week by 8.06% and reached on Friday $2.68 /mmbtu; its average daily change was 1.64%, and its weekly average price was 1.69% above the previous week’s average price.
Natural gas price (Henry Hub spot) also sharply rose by 6.8% during the week, and its average price was 0.16% above 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 $0.01/mmbtu, i.e. Contango.
Natural Gas Price Charts
The following charts present the changes of natural gas (Henry Hub) and futures prices (Nymex Henry Hub) in $/mmbtu between February 13th and February 17th.
Natural Gas Storage Wekly Update – EIA Report:
According to the recent natural gas report, the underground natural gas storage decreased last week by 127 Bcf to 2,761 billion cubic feet for all lower 48 states; the current natural gas storage is 38.3% above the 5-year average, and is also 42% above the storage level during the same week in 2011.
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