Natural gas prices bounce back | review of Natural Gas storage

Here is my last review of the year 2010 (not getting sentimental I promise…), in which I will shortly report the recent EIA figures on natural gas storage in the U.S. and review the current prices of major commodities and precious metals.

Natural gas Storage:

In my last review about U.S. natural gas storage, there was a drop in underground natural gas storage (Billion Cubic Feet) of 5.4%; in the recent published figures for the week of 24th of December there was a more moderate decline of 4%, which is a decline of over 136 Billion cubic feet.

For this report’s figures, the natural gas storage reached a total of 3,232 (Billion Cubic Feet) for all lower 48 states.

This ongoing decline is due to the expected increase in consumption of energy throughout the US mainly for heating purposes. These levels of storage are very high and similar to the storage level at the beginning of September 2010.

Despite the rise in consumption and decline in storage, natural gas spot price have had a moderate rise in this passing month as natural gas spot price (Henry Hub) only rose by 0.5% from beginning to end of the month.

Nonetheless, in terms of average natural gas spot price, there was a 14.4% rise from 3.714 USD/ MMBTU for November, to an average of 4.25 USD/ MMBTU for December.

This goes to show that there were many fluctuations during December, price wise, however in the end of the month the price didn’t change much from where it started off.

Price Update

Here is an update on the prices of main energy commodities and precious metals for December 31st (all times GMT):

Energy prices

Natural Gas futures prices (Nymex Henry Hub Future) are currently traded at 4.41 USD/ MMBTU (one million BTU), an increase of 0.08 USD/ MMBTU, or 1.75%, as of 19.24 PM.

Crude oil price (WTI spot) is trading as of 19.30 PM GMT at 91.35 USD per barrel, a increase of 1.68% compare to yesterday.

Crude oil price (Dated Brent spot) is at 94.48 USD / barrel – a 2.05 USD/ barrel decrease as of 19.35 PM.

The Nymex crude oil price, short term futures (February 2011 delivery), on the New York Mercantile Exchange, is traded at 91.99 USD / barrel, a 2.15 USD/b rise or a 2.39% incline, as of 19.24 PM.

Precious Metal prices

Current Gold prices (short term February delivery future) are also falling and are traded at 1,419 USD /t. oz., a 0.96% increase or 13.5 USD /t. oz. at 18.11 PM.

Silver prices, continues broke the recent rally and are traded at 30.92 $/t oz. a 1.33% incline or 0.407 $/t oz. as of 18.12 PM.

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