GAS PRICE: $3.020
- Natural gas spot prices fell at most locations this report week (Wednesday, May 31 to Wednesday, June 7). The Henry Hub spot price fell from $3.00 per million British thermal units (MMBtu) last Wednesday to $2.99/MMBtu yesterday.
- At the New York Mercantile Exchange (Nymex), the July 2017 contract price fell 5¢ from $3.071/MMBtu last Wednesday to $3.020/MMBtu yesterday.
- Net injections to working gas totaled 106 billion cubic feet (Bcf) for the week ending June 2. Working natural gas stocks are 2,631 Bcf, which is 11% less than the year-ago level and 10% more than the five-year (2012–16) average for this week.
- The natural gas plant liquids composite price at Mont Belvieu, Texas, fell by 34¢, averaging $5.83/MMBtu for the week ending June 7. Spot prices for natural gasoline, ethane, propane, butane, and isobutane all fell, by 4%, 5%, 7%, 6%, and 6%, respectively.
- According to Baker Hughes, for the week ending Friday, June 2, the natural gas rig count decreased by 3 to 182. The number of oil-directed rigs rose by 11 to 733. The total rig count increased by 8, and it now stands at 916.
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AN - China National Offshore Oil Corp. (CNOOC) is willing to invest $3 billion in its existing oil and gas operation in Nigeria, the Nigerian National Petroleum Corporation (NNPC) said on Sunday following a meeting with the Chinese in Abuja.
REUTERS - Production at Libya’s giant Sharara oil field was expected to fall by at least 160,000 barrels per day (bpd) on Saturday after two staff were abducted in an attack by an unknown group, the National Oil Corporation (NOC) said.
IMF - Output grew by 3.8 percent in 2017, underpinned by a resilient non-hydrocarbon sector, with robust implementation of GCC-funded projects as well as strong activity in the financial, hospitality, and education sectors. The banking system remains stable with large capital buffers. Growth is projected to decelerate over the medium term.
IMF - Higher oil prices and short-term portfolio inflows have provided relief from external and fiscal pressures but the recovery remains challenging. Inflation declined to its lowest level in more than two years. Real GDP expanded by 2 percent in the first quarter of 2018 compared to the first quarter of last year. However, activity in the non-oil non-agricultural sector remains weak as lower purchasing power weighs on consumer demand and as credit risk continues to limit bank lending.