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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PLATTS - Asia is a growing market for Russian energy, including LNG, and a potential source of investment for the world's largest producer of resources and minerals. The Kremlin has increasingly looked to build its presence in the Asian region following the imposition of tough sanctions by the US on Russia.
REUTERS - “The Saudis are very angry at Trump. They don’t trust him any more and feel very strongly about a cut. They had no heads-up about the waivers,” said one senior source briefed on Saudi energy policies.
PLATTS - "It is obvious that we need to cooperate with Saudi Arabia, and we are going to cooperate with Saudi Arabia. OPEC plus has been very positive, and we see that in the market situation," Putin told reporters in Singapore during a briefing broadcast on Russia 24.
U.S. OFR - The U.S. Office of Financial Research (OFR) released its 2018 Annual Report to Congress, stating that risks to U.S. financial stability remain in the medium range, reflecting a mix of high, moderate, and low risks to the financial system.