Nat Gas prices drop sharply, storage levels up 10% Y-Y

Benchmark US Nat 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 Nat Gas as of 19 September was $2.70 per million British thermal units, -0.17, or 5.9%, from a week earlier. In NYMEX futures trading 20 September, Oct Nat Gas rose 0.035 to $2.797, still down 0.146, or 5%, from the end of last week.

During the week ending 19 September, US Nat Gas consumption fell 3.7% from the prior 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 Nat Gas in underground storage increased to 3.496-T cubic feet as of 14 September, an implied net injection of 67-B cubic feet from the prior week and an increase of 10% over year-ago levels.

Paul A. Ebeling, Jnr.

Paul A. Ebeling, Jnr. writes and publishes The Red Roadmaster’s Technical Report on the US Major Market Indices, a weekly, highly-regarded financial market letter, read by opinion makers, business leaders and organizations around the world.

Paul A. Ebeling, Jnr has studied the global financial and stock markets since 1984, following a successful business career that included investment banking, and market and business analysis. He is a specialist in equities/commodities, and an accomplished chart reader who advises technicians with regard to Major Indices Resistance/Support Levels.

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