Natural gas (short term delivery) continued its upward trend during most of the week as the weather continues to get cooler in the U.S, mostly in the Northeast. The EIA didn’t release its natural gas report. According to the previous report, 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 the previous week the Henry Hub future (short term delivery) rose again by 3%.
Here is a short review of the recent shifts in natural gas market for the week ending on November 23rd 2012:
Natural Gas Market– November Review
The Nymex Henry Hub Future (short term delivery) increased during last week by 3% and by Friday reached $3.9/mmbtu; its average daily change was 0.59%, its weekly average price was 3.77% 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 shows the changes in Nat Gas future (Nymex Henry Hub) in $/mmbtu between November 19-23.
As seen in the chart above, 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). The chart presents the upward trend in the price of natural gas during most of the week.
NG Storage Update – EIA Report:
The EIA didn’t release its weekly report due to the Thanksgiving holiday. According to the previous EIA review on natural gas the underground storage (Billion Cubic Feet) fell 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: