for week ending September 11, 2019 | Release date: September 12, 2019 | Next release: September 19, 2019 |
In the News:....MORE
Freeport LNG becomes the fifth export terminal in Lower 48 states to begin operations
On September 3, 2019, Freeport LNG Development L.P.—the developer of Freeport LNG export terminal—announced the first shipment of liquefied natural gas (LNG) produced from the newly commissioned Train 1 of the three-train Freeport LNG facility. Freeport LNG became the fifth U.S. LNG export terminal in the Lower 48 states to be placed in service since 2016....MUCH MORE
Overview:
(For the week ending Wednesday, September 11, 2019)
- Natural gas spot prices rose at most locations this report week (Wednesday, September 4 to Wednesday, September 11). Henry Hub spot prices rose from $2.42 per million British thermal units (MMBtu) last Wednesday to $2.59/MMBtu yesterday.
- At the New York Mercantile Exchange (Nymex), the price of the October 2019 contract increased 11¢, from $2.445/MMBtu last Wednesday to $2.552/MMBtu yesterday. The price of the 12-month strip averaging October 2019 through September 2020 futures contracts climbed 9¢/MMBtu to $2.561/MMBtu
- Net injections to working gas totaled 78 billion cubic feet (Bcf) for the week ending September 6. Working natural gas stocks are 3,019 Bcf, which is 15% more than the year-ago level and 2% lower than the five-year (2014–18) average for this week.
- The natural gas plant liquids composite price at Mont Belvieu, Texas, rose by 30¢/MMBtu, averaging $4.86/MMBtu for the week ending September 11. The price of natural gasoline, ethane, propane, butane, and isobutane all rose, by 6%, 12%, 5%, 3%, and 5%, respectively.
- According to Baker Hughes, for the week ending Tuesday, September 3, the natural gas rig count decreased by 2 to 160. The number of oil-directed rigs fell by 4 to 738. The total rig count decreased by 6, and it now stands at 898.
Prices/Supply/Demand:
Prices rise at most locations. This report week (Wednesday, September 4 to Wednesday, September 11), Henry Hub spot prices rose 17¢ from a weekly low of $2.42/MMBtu last Wednesday to $2.59/MMBtu yesterday. For much of the country, temperatures were generally warmer than normal, but they were slightly cooler than normal in California and across the northern part of the country. At the Chicago Citygate, prices increased 19¢ from $2.18/MMBtu last Wednesday to $2.37/MMBtu yesterday.
California prices are mixed as temperatures cool. Prices at PG&E Citygate in Northern California rose 21¢, up from $3.02/MMBtu last Wednesday to $3.23/MMBtu yesterday. Prices at SoCal Citygate decreased $1.19 from a weekly high of $4.51/MMBtu last Wednesday to $3.32/MMBtu yesterday as last week’s hot temperatures abated.
Northeast prices rise. After relatively low prices last week, prices in New England rose with increased electric power consumption, despite cooler temperatures. At the Algonquin Citygate, which serves Boston-area consumers, prices went up 36¢ from $2.02/MMBtu last Wednesday to $2.38/MMBtu yesterday. At the Transcontinental Pipeline Zone 6 trading point for New York City, prices increased 40¢ from $1.90/MMBtu last Wednesday to $2.30/MMBtu yesterday....
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