NG Storage and pricesUS, International Natural Gas Prices Down Week Over Week; Supply Increases in US, EIA Reports
06:45 AM EST, 01/13/2023 (MT Newswires) -- US natural gas spot prices fell at most locations in the week ended Jan. 11, with the Henry Hub benchmark spot price down $0.46 week over week to $3.35 per million British thermal units, the US Energy Information Administration reported Thursday.
Liquefied natural gas prices in East Asia decreased $1.63 to $27.67/MMBtu, while Title Transfer Facility gas prices in Europe lost $1.17 week over week to $22.02/MMBtu, the EIA reported, citing Bloomberg Finance.
US natural gas supply climbed 2.3 Bcf/d, driven by higher dry natural gas production and average net imports from Canada, according to the EIA. US natural gas consumption jumped 11.6 Bcf/d week over week amid higher use across all sectors, most notably in the residential and commercial sectors as consumption there surged 27.3% from a week ago.
Net injections into storage amounted to 11 billion cubic feet for the week ended Jan. 6, compared with the five-year average net withdrawals of 157 Bcf and net withdrawals of 157 Bcf in the same week last year. Working natural gas stocks totaled 2,902 Bcf, the agency reported. This is 40 Bcf lower than the five-year average and 140 Bcf lower than the year-ago period