Since Wednesday, September 23, natural gas spot prices fell at most market locations, with decreases generally ranging between 10 and 30 cents per million Btu (MMBtu). Prices at the Henry Hub declined by 19 cents per MMBtu, or about 5 percent, to $3.24 per MMBtu.
At the New York Mercantile Exchange (NYMEX), the futures contract for November delivery at the Henry Hub settled yesterday, September 30, at $4.84 per MMBtu, increasing by 9 cents or about 2 percent during the report week. The contract for October delivery expired on September 28 at $3.73 per MMBtu, increasing nearly 70 cents per MMBtu or 21 percent during its tenure as the prompt-month contract.
Natural gas in storage was 3,589 billion cubic feet (Bcf) as of September 25, which is about 15.5 percent above the 5-year average (2004-2008), following an implied net injection of 64 Bcf during the report week. Working gas stocks established new record levels in two of three storage regions, and at a national level.
The spot price for West Texas Intermediate (WTI) crude oil increased by $1.72 per barrel since Wednesday, September 23, to $70.46 per barrel or $12.15 per MMBtu.