Natural Gas Market Update-Week Ending February 3, 2016

February 9, 2016

Natural Gas Weekly Update Source: EIA (For week ending February 3, 2016 Release Date: February 4, 2016 ) 

• Natural gas prices decline. Temperatures were significantly warmer this report week across most of the country, and natural gas prices fell at most locations across the country.

• Northeast prices fall. Prices in the New York and Boston areas generally trade at a premium of several dollars per MMBtu above the Henry Hub spot price in times of high consumption, but tend to trade below this national benchmark in times of milder weather.

• Nymex prices fall. The price of the Nymex March 2016 contract fell from $2.189/MMBtu last Wednesday to $2.038/MMBtu yesterday.

• Production rises. Dry natural gas production rose 0.8% week over week and is 0.5% greater than the same week last year, according to Bentek data.

• Withdrawals from storage are smaller than average but greater than last year. Net withdrawals from working gas totaled 152 Bcf, falling 8% below the the 5-year (2011–15) average net withdrawal of 165 Bcf. • Withdrawals from working gas are within market expectations. Market analysts predicted working gas draws totaling 154 Bcf for the week, on average.

• Temperatures are warmer than normal during the storage week. Temperatures for the storage report week averaged just less than 36°F, about 3°F above the normal level for this time of year and 2°F below the level reported last year at this time.

http://www.eia.gov/naturalgas/weekly/ 

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