Natural gas report week December 1, 2022.
This week’s draw of 81 Bcf (the first of the season) was in line with analysts’ expectations which ranged from withdrawals of 76 Bcf to 121 Bcf. Comparatively, last year’s withdrawal was 54 Bcf and the five-year average of net withdrawals is 34 Bcf. Current storage totals 3,483 Bcf which is 2.4% below the five-year average but still within the five-year historical range.
Natural Gas Weekly Fundamentals
Demand- Overall demand fell by 16.5%, declining by 16.6 Bcf/d week. Power generation dropped by 4.7 Bcf/d, industrial demand lost 1.3 Bcf/d, and residential/commercial sector consumption shed 10.6 Bcf/d. The LNG export ship count totaled 16 for an overall capacity of 59 Bcf.
Production – Production grew by 0.5 Bcf/d, averaging 101.2 Bcf/d over the report week. Imports from Canada are down 1.2 Bcf/d from last week. The natural gas rig count fell by two over last week, totaling 155 rigs. Oil-directed rigs grew by four, for a total of 627.
Natural Gas Weekly Market Report - December 1, 2022
January settled Tuesday at $6.738/Dth down 19.2 cents from Wednesday’s close at $6.776/Dth and down 97.0 cents from the prior week.
December moved off the board Monday, November 28th, settling the month at $6.712/Dth.
12 Month Strip
Settled Thursday at $5.674/Dth, down 29.9 cents from the prior week.
The winter strip (JAN23-MAR23) settled Thursday at $6.456/Dth, down 83.1 cents from last week while the summer strip (APR23-OCT23) settled at $5.302/Dth, up 2.3 cents week-over-week.
Calendar Years 2023/2024/2025
CY23 settled Thursday at $5.674/Dth, down 18.3 cents from the prior week.
CY24 settled Thursday at $4.779/Dth, up 2.8 cents from the prior week.
CY25 settled Thursday at $4.580/Dth, up 1.6 cents from the prior week.
Settled Thursday at $81.22/barrel, up $3.28 from the prior week.
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