Natural Gas Weekly Summary
Natural Gas is up 26% on a year to date basis and the natural gas market is on the way to rebalancing as unusually high air-conditioning demand added with consumption growth absorbs the record inventories left at the end of last winter. As well as North American rotary rig counts down from there all time highs of 8 years ago of 1606 to 81.
You can read about the affect of ( Rig counts here).
Natural Gas Ended the week to close at $2.954, and new global demand is helping to support prices as these new demands will outpace production.
On Thursday's EIA Weekly Natural Gas Storage Report - futures hit a 2 1/2-month high, after it showed a smaller-than-normal addition to storage for this time of year.
A surplus in storage, once about 50% higher than last year’s levels or the five-year average, has narrowed compared to past years.
As of Sept. 9, U.S. natural gas stockpiles totaled 3.5 trillion cubic feet, 5.6% above levels from a year ago and 9.3% above the five-year average for the same week, the U.S. Energy Information Administration said Thursday.
Last week, the NYC area temperatures cooled down a bit, with highs around 79°F and lows around 65°F; Temperatures were forecasted to be 3.21°F above seasonal averages, and 6.00°F colder than the previous week’s average.
Sept 16-22nd: High pressure continues to dominate the southern US with very warm highs of mid-80s to lower 90s. Although, comfortable temperatures of 70s to lower 80s cover much of the rest of the US, lasting through this weekend, including the Great Lakes and northeastern US. Over the west-central US, a weather system continues to tracking through with showers and cooler temperatures, while over the West temperatures are warming back above normal. A swing back warmer is expected over the eastern US next week as high pressure returns to bring stronger natural gas demand. Overall, natural gas demand will be LOW over the northern US and MODERATE to HIGH over the southern US.
#NaturalGasNews #EIANaturalGasStorageReport #rigcount #temperatures #bakerhughesrigcount