Natural gas (short term delivery) started off the week rising but by the end of the week it changed direction and tumbled down precipitately. The NG storage expanded again by a slower pace than last year and than the five year average injection. The forecasts for a mild weather may have eased the pressures on the price of natural gas from further rising.
During last week the Henry Hub future (December delivery) decreased by 1.41%.
Here is a short review of the recent shifts in natural gas market for the week ending on November 9th 2012:
Natural Gas Market– November Review
The Nymex Henry Hub Future (short term delivery) declined during last week by 1.41% and by Friday reached $3.5/mmbtu; its average daily change was -0.27%, its weekly average price was 3.12% below the previous average price.
The gap between the NG future and spot prices – future minus spot – remained in a Contango during the week.
Natural Gas Charts
The following charts show the developments in Nat Gas future (Nymex Henry Hub) in $/mmbtu between November 5-9.
As seen in the first chart, the NG prices (Henry Hub future and spot) declined during the week.
In the second chart are the daily percent changes of the Henry Hub spot and Nymex Henry Hub future (short term delivery). Its shows the unclear trend in the prices of natural gas during most of the week.
NG Storage Update – EIA Report:
According to the latest EIA review on natural gas the underground storage (Billion Cubic Feet) increased by 21 Bcf to 3,929 billion cubic feet for all lower 48 states; the NGs storage was still 6.6% above the 5-year average, and was also 2.9% above the storage level during the parallel week in 2011.
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