GAS PRICES DOWN TO $3.097/MMBTU

PLATTS - Having gained over 5 cents yesterday as the new front month contract, NYMEX January 2018 natural gas futures were lower ahead of Thursday's open and the morning release of the weekly storage data. At 6:45 am ET (1145 GMT), the contract was down 8.2 cents to $3.097/MMBtu. The market is awaiting the release of storage data from the US Energy Information Administration at 10:30 am ET that is likely to detail a withdrawal below historical averages as generally mild weather and subdued Thanksgiving-holiday demand likely kept a lid of the amount of natural gas pulled from inventories. For the week ended November 24, market participants surveyed by S&P Global Market Intelligence are looking for a withdrawal from 30 Bcf to 47 Bcf, with consensus formed at a 38 Bcf pull. This will compare to a 43 Bcf year-ago pull and the 47 Bcf five-year average withdrawal. Total working gas stocks currently sit at 3,726 Bcf, or 319 Bcf below the year-ago level and 121 Bcf below the five-year average of 3,847 Bcf, following a 46 Bcf draw reported by the EIA for the week ended November 17. 

Meanwhile, revised National Weather Service forecasts show below-average temperatures overtaking a few parts of the West and a majority of the country's eastern two-thirds through both the upcoming six-to-10-day and eight-to-14-day periods, confining the scope of above-average temperatures to portions of the West and much of the Northeast in the shorter-range view and to most of the West in the longer-range view. Average temperatures settle over the balance of the country.

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Earlier:

November, 29, 09:30:00 NYMEX GAS PRICE: $2.928/MMBTU PLATTS - A bullish weather forecast for much of the US provided a boost for gas futures coming out of the four-day Thanksgiving holiday, with NYMEX December settling Monday at $2.928/MMBtu, up 11.5 cents from Friday's close.

October, 13, 13:00:00 PRICES: OIL $52-54; GAS $3.03-3.19 EIA forecasts Brent spot prices to average $52/b in 2017 and $54/b in 2018, which is $1/b higher in 2017 and $2/b higher in 2018 compared with last month's forecast. West Texas Intermediate (WTI) average crude oil prices are forecast to be $3.50/b lower than Brent prices in 2018.

September, 20, 09:00:00 GAS PRICES UP TO $3.146 The NYMEX October natural gas futures contract jumped 12.2 cents Monday to settle at $3.146/MMBtu, with warmer-than-average weather expected to persist through the end of September across major demand areas.

September, 13, 15:20:00 OIL PRICES: $51 - $52, GAS PRICES: $3.05 - $3.29 EIA forecasts Brent spot prices to average $51/b in 2017 and $52/b in 2018. Expected growth in natural gas exports and domestic natural gas consumption in 2018 contribute to the forecast Henry Hub natural gas spot price rising from an annual average of $3.05/MMBtu in 2017 to $3.29/MMBtu in 2018.

August, 24, 14:25:00 GAS PRICES: ABOVE $2.9 NYMEX September gas futures climbed 6.9 cents to $2.962/MMBtu as Monday's eclipse was projected to boost natural gas demand.

July, 7, 08:15:00 OIL & GAS PRICES DOWN The August light, sweet crude contract on NYMEX dropped $1.94 on July 5 to settle at $45.13/bbl. The September contract was down $1.95 to close at $45.34/bbl. The NYMEX natural gas price for August declined 11¢ to a rounded $2.84/MMbtu. The Henry Hub cash gas price was $2.90/MMbtu on July 5, down 4¢ from June 30, the last available price for the US gas spot price. The Brent crude contract for September on London’s ICE decreased $1.82 to $47.79/bbl while the October contract dropped $1.83 to $48.07/bbl. The July gas oil contract was down $6.75 to $442.25/tonne. The Organization of Petroleum Exporting Countries’ basket of crudes on July 5 was $47.04/bbl, down 53¢.

June, 30, 08:54:49 WEEKLY OIL GAS PRICES UP The August light, sweet crude contract on NYMEX gained 50¢ on June 28 to settle at $44.74/bbl. The September contract was up 50¢ to close at $44.99/bbl. The NYMEX natural gas price for July gained 3¢ to a rounded $3.07/MMbtu. The Henry Hub cash gas price also gained 3¢ to $3.01/MMbtu. The Brent crude contract for August on London’s ICE increased 66¢ to $47.31/bbl while the September contract climbed 62¢ to $47.54/bbl. The July gas oil contract gained $4.25 to $427.50/tonne. The Organization of Petroleum Exporting Countries’ basket of crudes on June 28 was $44.48/bbl, up 25¢.