Natural gas report week December 15, 2022.
This week’s draw of 50 Bcf was in line with analysts’ expectations which ranged from withdrawals of 34 Bcf to 62 Bcf. Comparatively, last year’s withdrawal was 83 Bcf and the five-year average of net withdrawals is 93 Bcf. Current storage totals 3,412 Bcf which is 0.4% below the five-year average but still within the five-year historical range.
Demand- Overall demand grew by 2.6%, adding 2.4 Bcf/d over last week for an average 118.2 Bcf/d. Week-over-week, power generation is up by 0.4 Bcf/d and residential/commercial sector consumption added 2.0 Bcf/d. The LNG export ship count remained the same as last week at 23 for an overall capacity of 86 Bcf, up 1 Bcf from last week.
Production – Production grew by 0.1 Bcf/d, averaging 100.2 Bcf/d over the report week. Imports from Canada are up slightly over last week at 5.3 Bcf/d. The natural gas rig count fell by two from the prior week, down to 153 rigs. Oil-directed also dropped two, totaling 625 rigs.
January settled Wednesday at $6.970/Dth, up 54.0 cents from Thursday’s close at $6.430/Dth and up $1.008 from the prior week.
Settled Thursday at $5.693/Dth, up 51.3 cents from the prior week.
The winter strip (JAN23-MAR23) settled Thursday at $6.460/Dth, up 74.6 cents from last week while the summer strip (APR23-OCT23) settled at $5.347/Dth, up 45.3 cents week-over-week.
Calendar Years 2023/2024/2025
CY23 settled Thursday at $5.693/Dth, up 51.3 cents from the prior week.
CY24 settled Thursday at $4.723/Dth, up 12.6 cents from the prior week.
CY25 settled Thursday at $4.574/Dth, up 3.2 cents from the prior week.
Settled Thursday at $76.11/barrel, up $4.65 from the prior week.
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