Cooler temperatures and lack of demand over the last week drove down forward pricing across all markets.
Spot pricing remained stable over the last week. Seasonably average temperatures over the coming week will likely continue to keep things quiet.
Natural Gas Markets
No significant shifts in the future markets over the last week were observed as middling temperatures kept demand low and allowed for a strong injection into storage.
Futures as of 4/27/2023 versus previous week:
Natural Gas Inventory
Working gas in storage was 2,009 BCF as of Friday, April 21st, according to EIA estimates. This represents a net increase of 79 Bcf from the previous week.
The Baker Hughes exploration increased by 2 rigs for a total of 161 this week. There are 144 additional rigs in operation than at this time one year ago.
Temperatures will be below average across the West Coast, and above average in the Midwest
Hurricane Watch: Click here to view the National Hurricane Center site.
News : US law preempts Berkeley, California’s ban on gas in buildings: appeals court- a US appeals court panel found that a federal law preempts Berkeley, California’s 2019 natural gas ban, overturning a lower court ruling to dismiss a case brought by a California restaurant trade group to overturn the pioneering policy
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