15.5% jump in US gas consumption last week US Henry Hub, European Gas Prices Fall Week Over Week; Cold Weather Drives Higher Gas Demand, EIA Reports
06:50 AM EST, 12/23/2022 (MT Newswires) -- US natural gas spot prices were mixed in the week ending Dec. 21, rising at locations in the West and Midwest, while the Henry Hub spot price fell $0.46 to $6.14 per million British thermal units week over week, the US Energy Information Administration reported Thursday.
Liquefied natural gas prices in East Asia gained $0.96 to $34.42/MMBtu, the EIA reported, citing data from Bloomberg Finance. Title Transfer Facility gas futures in Europe lost $7.47 to $34.99/MMBtu.
US natural gas supply increased 0.2% week over week, as dry natural gas production fell 0.9 billion cubic feet per day but net imports from Canada rose 1.1 Bcf/d, according to the agency.
US natural gas consumption jumped 15.5%, driven by a 28.6% increase in residential and commercial sector consumption, as below-normal temperatures across the US boosted heating demand, the EIA said.
Net withdrawals from storage amounted to 87 Bcf for the week ending Dec. 16, resulting in total working gas stocks of 3,325 Bcf, the EIA reported. This is 22 Bcf higher than the five-year average and 45 Bcf lower than the year-ago period.