From the Energy Information Administration:
for week ending March 4, 2020 | Release date: March 5, 2020
Overview:
(For the week ending Wednesday, March 4, 2020)
....MUCH MORE
- Natural gas spot prices fell at most locations this report week (Wednesday, February 26 to Wednesday, March 4). The Henry Hub spot price fell from $1.92 per million British thermal units (MMBtu) last Wednesday to $1.80/MMBtu yesterday.
- At the New York Mercantile Exchange (Nymex), the March 2020 contract expired last Wednesday at $1.821/MMBtu. The April 2020 contract price decreased to $1.827/MMBtu, down 1¢/MMBtu from last Wednesday to yesterday. The price of the 12-month strip averaging April 2020 through March 2021 futures contracts declined 1¢/MMBtu to $2.157/MMBtu.
- The net withdrawal from working gas totaled 109 billion cubic feet (Bcf) for the week ending February 28. Working natural gas stocks total 2,091 Bcf, which is 48% more than the year-ago level and 9% more than the five-year (2015–19) average for this week.
- The natural gas plant liquids composite price at Mont Belvieu, Texas, fell by 33¢/MMBtu, averaging $4.30/MMBtu for the week ending March 4. The prices of butane, natural gasoline, propane, and isobutane fell by 17%, 12%, 5%, and 4%, respectively. The price of ethane remained flat week over week.
- According to Baker Hughes, for the week ending Tuesday, February 25, the natural gas rig count remained flat at 110. The number of oil-directed rigs fell by 1 to 678. The total rig count decreased by 1, and it now stands at 790.
Prices/Supply/Demand: Prices are down with other commodities. This report week (Wednesday, February 26 to Wednesday, March 4), the Henry Hub spot price fell 12¢ from $1.92/MMBtu last Wednesday to $1.80/MMBtu yesterday after reaching a low of $1.70/MMBtu on Monday. Temperatures that were generally warmer than normal across the Lower 48 states and decreased demand in global energy markets due to worldwide economic concerns put downward pressure on domestic prices.....
....Demand falls, driven by declines for heating demand in buildings. Total U.S. consumption of natural gas fell by 8% compared with the previous report week, according to data from IHS Markit. In the residential and commercial sectors, consumption declined by 14%. Natural gas consumed for power generation declined by 4% week over week. Industrial sector consumption decreased by 3% week over week. Natural gas exports to Mexico increased 3%.
U.S. LNG exports decrease week over week. Fifteen LNG vessels (six from Sabine Pass, three from Freeport, and two each from Corpus Christi, Cameron, and Cove Point) with a combined LNG-carrying capacity of 53 Bcf departed the United States between February 27 and March 4, 2020, according to shipping data compiled by Bloomberg. Two vessels were loading at the Sabine Pass terminal on Wednesday....
Front futures down another 0.0540 (3.05%) at 1.7180
EIA Weekly Natural Gas Storage Report, March 5, 2020
