Friday, April 22, 2016

Natural Gas: EIA Weekly Supply/Demand Report

May futures $2.047 down 0.021.

From the Energy Information Administration:
(For the Week Ending Wednesday, April 20, 2016)
  • Natural gas spot prices increased at most locations this report week outside of the Northeast (Wednesday, April 13, to Wednesday, April 20). The Henry Hub spot price rose during from $1.98 per million British thermal units (MMBtu) last Wednesday to $2.02/MMBtu yesterday.
  • At the New York Mercantile Exchange (Nymex), the May 2016 contract price also rose slightly over the report week, from $2.036/MMBtu last Wednesday to $2.069/MMBtu yesterday.
  • Net injections to working gas totaled 7 billion cubic feet (Bcf) for the week ending April 15. Working gas stocks are 2,484 Bcf, which is 55% above the year-ago level and 49% above the five-year (2011-15) average for this week.
  • For the week ending April 15, the natural gas rig count remained flat at 89, according to Baker Hughes data, and oil-directed rigs fell by 3 to 351. The total rig count fell by 3, and now stands at 440.
  • The natural gas plant liquids (NGPL) composite price at Mont Belvieu, Texas, rose by 6.7% to $4.69/MMBtu for the week ending Friday, April 15. The prices of all components of the NGPL price rose. Isobutane, propane, butane, natural gasoline, and ethane rose by 5.7%, 5.9%, 6.2%, 7.9%, and 8.1%, respectively.
more summary data
Prices/Supply/Demand: Henry Hub spot prices rise above $2/MMBtu. Henry Hub spot prices rose slightly this week from $1.98/MMBtu to $2.02/MMBtu yesterday. Yesterday's price was the first time the Henry Hub spot price has settled at more than $2/MMBtu since February. Wednesday's closing price was 30¢ higher than the low for the report week, which was $1.72/MMBtu on Friday heading into a weekend with mild weather. Around the country, outside of the Northeast, price movements were similar. At the Chicago Citygate, prices rose week over week from $1.92/MMBtu to $1.98/MMBtu. At the PG&E Citygate in California, the spot price rose from $1.97/MMBtu last Wednesday to $2.09/MMBtu yesterday....MORE
Supply down. Total supply fell by 0.6% for the report period, and was driven by a 0.5% week-over-week decline in dry production, according to data from Bentek Energy. April is typically a month for pipeline maintenance because overall demand is low from both the heating and cooling sectors, and seasonal maintenance may be affecting production. In addition to Algonquin, several other major northeastern area pipelines have been conducting maintenance, including Rockies Express, Columbia Gas Pipeline, and ANR. Imports from Canada this week increased 0.6%, with increases in the West offsetting declines in imports to the Midwest and Northeast. The sendout from terminals of imported liquefied natural gas (LNG), a proxy for imports of LNG, declined, but is a minor contributor to overall supply.