Pricing dropped substantially week over week as the underlying cost of gas tumbled. Winter 22-23 saw the most significant change while outward months heading into next summer and fall remained elevated.
The daily markets experienced expected minimal volatility as temperatures briefly spiked before returning to seasonal norms.
Natural Gas Markets
Forward natural gas rates dipped week over week in response to cooler temperatures and back-to-back strong injections into storage.
Futures as of 9/21/2022 versus previous week:
Natural Gas Inventory
Working gas in storage was 2,874 Bcf as of Friday, September 16, 2022. According to EIA estimates this represents a net increase of 103 Bcf from the previous week.
The Baker Hughes exploration gas count decreased by 2 rigs for a total of 160 this week. There are 61 additional rigs in operation than at this time one year ago.
Above normal temperatures are expected throughout the Midwest and down the West Coast. The Northeast and much of the East Coast are expected to see below normal temperatures.
Hurricane Watch: Hurricane Ian. Click here to view the National Hurricane Center site.
Equatorial Pacific Outlook: Click here to view La Nina and El Nino status. Shoulder season demand doldrums crush US spot natural gas prices Shoulder season pricing has finally arrived for US spot natural gas hubs, with mild temperature forecasts sending cash prices across the United States plummeting in Sept. 23 trading for weekend flows. If you would like to receive the Energy Market Update to your inbox weekly, please click here to submit your name and email address. Disclaimer: This information is provided for the use of our customers and potential customers. Power Management Company assumes no responsibility or liability for the accuracy or completeness of pricing or information in this document. Historical data was obtained from sources that we believe to be reliable, but we do not guarantee its accuracy or completeness. It is not intended to provide advice or recommendation. Views are subject to change.