The natural gas storage report from the EIA for the week ending December 11th indicated that the quantity of natural gas held in underground storage in the US had decreased by 122 billion cubic feet to 3,726 billion cubic feet by the end of the week, which left our gas supplies 284 billion cubic feet, or still 8.3% higher than the 3,442 billion cubic feet that were in storage on December 11th of last year, and 243 billion cubic feet, or 7.0% above the five-year average of 3,483 billion cubic feet of natural gas that have been in storage as of the 11th of December in recent years..the 122 billion cubic feet that were drawn out of US natural gas storage this week was less than the average forecast from an S&P Global Platts survey of analysts who had expected a 127 billion cubic foot withdrawal, but was higher than the average withdrawal of 105 billion cubic feet of natural gas that have typically been pulled out of natural gas storage during the same week over the past 5 years, and the
LNG Recap: Natural Gas Price Rally Continues Amid Tight Market
Global natural gas prices again moved higher last week as forecasts trended colder, and supply disruptions and a tight shipping market continued.
Spot prices in North Asia moved above $11.00/MMBtu last week, hitting a new two-year high. One bid for a January cargo was reportedly placed for more than $12.00 as the week got underway. Meanwhile, European natural gas prices moved upward for the third week in a row and front month Henry Hub finished higher on Friday after a volatile week as forecasts show chillier weather on the way in the United States. European and U.S. benchmarks also posted gains on Monday.