Natural gas report week November 3, 2022.
This week’s injection of 107 Bcf was at the high end of analysts’ expectations which ranged from 87 Bcf to 109 Bcf. Comparatively, last year’s injection was 66 Bcf and the five-year average of net injections is 45 Bcf. Current storage totals 3,501 Bcf which is 3.7% below the five-year average but still within the five-year historical range.
Natural gas MYNEX futures prices were up and down across the report week as technical trading and cooling weather forecasts pushed prices higher before the EIA reported a weekly storage build of 107 Bcf this Thursday. More than double the five-year average of net injections, this week’s addition to storage quickly subdued prices.
Even though most analysts agree we likely have at least two more weeks of storage injections, it’s unlikely we’ll see prices drop drastically as the market seems to have already accounted for a warm November and a short-term future of weekly storage additions. Is it possible the market has refocused on fundamentals? We’ll see.
December NYMEX: December settled Thursday at $5.975/Dth down 29.3 cents from Wednesday’s close at $6.268/Dth, but up 10.0 cents from the prior week.
Settled Thursday at $5.250/Dth, up 10.7 cents from the prior week.
The winter strip (DEC22-MAR23) settled Thursday at $5.995/Dth, up 27.9 cents from last week while the summer strip (APR23-OCT23) settled at $4.827/Dth, up 9.3 cents week-over-week.
Calendar Years 2022/2023/2024
CY23 settled Thursday at $5.217/Dth, up 10.3 cents from the prior week.
CY24 settled Thursday at $4.621/Dth, up 1.9 cents from the prior week.
CY25 settled Thursday at $4.502/Dth, up 4.4 cents from the prior week.
Settled Thursday at $88.17/barrel, down 91.0 cents from the prior week.
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