Natural gas (short term delivery) rose during most of the week as the weather continues to become cooler and the winter seems to have arrived, at least in the Northeast. The NG storage contracted for the first time this season; this shift is narrowing the gap between the current storage levels and last year and five year average storage levels.
During last week the Henry Hub future (December delivery) rose by 8.29%.
Here is a short review of the recent shifts in natural gas market for the week ending on November 16th 2012:
Natural Gas Market– November Review
The Nymex Henry Hub Future (short term delivery) hiked during last week by 8.29% and by Friday reached $3.79/mmbtu; its average daily change was 1.63%, its weekly average price was 3.92% above the previous average price.
The difference between the NG future and spot prices – future minus spot – was mostly in Contango during the week.
Natural Gas Charts
The following charts presents the changes in Nat Gas future (Nymex Henry Hub) in $/mmbtu between November 12-16.
As seen in the first chart, the NG prices (Henry Hub future and spot) rose during the week.
In the second chart are the daily percent shifts of the Henry Hub spot and Nymex Henry Hub future (short term delivery). Its shows the upward trend in the prices of natural gas during most of the week.
NG Storage Update – EIA Report:
According to the recent EIA review on natural gas the underground storage (Billion Cubic Feet) declined for the first time this season by 18 Bcf to 3,911 billion cubic feet for all lower 48 states; the NGs storage was 5.6% above the 5-year average, and only 1.8% above the storage level during the parallel week in 2011.
For further reading: