Natural Gas Storage Two Percent Above Five-Year Average

Natural Gas Weekly (11/05/2008)
"Since Wednesday, October 29, natural gas spot prices increased at most markets in the Lower 48 States outside the Midwest, Northeast, and Alabama/Mississippi regions, with gains of up to $1.26 per million Btu (MMBtu) in a week of highly variable prices. Prices at the Henry Hub rose 36 cents per MMBtu or about 5 percent, to $6.94 per MMBtu.

At the New York Mercantile Exchange (NYMEX), the futures contract for December delivery at the Henry Hub settled yesterday (November 5) at $7.249 per MMBtu, climbing 47 cents per MMBtu or about 7 percent since last Wednesday, October 29.

Natural gas in storage was 3,405 billion cubic feet (Bcf) as of October 31, which is about 2 percent above the 5-year average (2003-2007), following an implied net injection of 12 Bcf during the report week."


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