Going against the usual trend heading into winter months, pricing continues downward.
Dramatic shift down in pricing, being driven by a lack of severe temperatures.
Natural Gas Markets
Forward natural gas rates continued their downward trend. Starting to see forward curves converge, approaching our new normal.
Futures as of 10/26/2022 versus previous week:
Natural Gas Inventory
Working gas in storage was 3,394 BCF as of Friday, October 21st. According to EIA estimates this represents a net increase of 52 Bcf from the previous week.
The Baker Hughes exploration gas count decreased by 1 rig for a total of 156 this week. There are 99 additional rigs in operation than at this time one year ago.
Above normal temperatures are predicted throughout the East Coast and the Midwest. The West Coast and the Mountain West are predicted to be below normal.
Hurricane Watch: Click here to view the National Hurricane Center site.
Equatorial Pacific Outlook: Click here to view La Nina and El Nino status.
Winter weather is coming: It will be warm, dry in South and East because of La Niña, NOAA says- Like it or not, winter is coming. And this winter is expected to be dominated by the La Niña climate pattern yet again, according to federal forecasters, who issued their winter forecast for the U.S. early Thursday.
News : US FERC’s winter reliability report highlights gas supply, extreme weather risks- The US is expected to have sufficient power generation headed into what is projected to be a relatively mild winter, but natural gas supplies remain a concern in the fuel-constrained Northeast, according to the Federal Energy Regulatory Commission ‘s annual winter reliability assessment.
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