Storage Levels up 10% Over Year-Ago

Benchmark U.S. natural gas prices fell sharply over the past week as cooler weather reduced demand for electricity to power air conditioners, the Energy Information Administration said.

Henry Hub gas as of September 19 was $2.70 per million British thermal units, down 17 cents, or 5.9%, from a week earlier. In NYMEX futures trading September 20, October gas rose 3.5 cents to $2.797, still down 14.6 cents, or 5%, from the end of last week.

During the week ending September 19, U.S. gas consumption fell 3.7% from the previous week, led by a drop 13% in power sector demand. The past week’s consumption was still up 5.2% from a year earlier.

Working natural gas in underground storage increased to 3.496 trillion cubic feet as of September 14, an implied net injection of 67 billion cubic feet from the previous week and an increase of 10% over year-ago levels.

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