Good morning folks International Natural Gas Prices Hit Lowest Levels Since Q3'21; US Henry Hub Spot Prices Drop Week Over Week, EIA Reports
06:10 AM EST, 02/24/2023 (MT Newswires) -- US natural gas spot prices were mixed in the week ended Feb. 22, with the Henry Hub spot price falling $0.36 to $2.08 per million British thermal units week over week, the US Energy Information Administration reported on Thursday.
International natural gas futures prices dropped to their lowest levels since Q3 2021. Liquefied natural gas futures in East Asia decreased $2.57 to $15.34/MMBtu, while Title Transfer Facility futures in Europe declined $1.04 to $15.64/MMBtu week over week, the EIA reported, citing Bloomberg Finance.
US natural gas supply remained relatively steady, edging 0.2% higher week over week. US natural gas consumption increased by 2.3%, driven by higher demand in the residential and commercial sectors, the EIA said.
Net withdrawals from storage amounted to 71 Bcf in the week ended Feb. 17, resulting in total working gas stocks of 2,195 Bcf. This is 289 Bcf higher than the five-year average and 395 Bcf higher than the year-ago period, the agency noted.