Henry Hub drops 6 cents to $2.45
Natural
gas spot prices fell at most locations this report week (Wednesday,
March 17 to Wednesday, March 24), as heating demand continues to decline
and dry natural gas production reaches the highest level since the
first week of January. The Henry Hub spot price fell from $2.51 per million British thermal units (MMBtu) last Wednesday to $2.45/MMBtu yesterday.
At
the New York Mercantile Exchange (NYMEX), the price of the April 2021
contract decreased 1¢, from $2.528/MMBtu last Wednesday to $2.518/MMBtu
yesterday. The price of the 12-month strip averaging April 2021 through
March 2022 futures contracts climbed 2¢/MMBtu to $2.750/MMBtu.
The
net withdrawals from working gas totaled 36 billion cubic feet (Bcf)
for the week ending March 19. Working natural gas stocks totaled 1,746
Bcf, which is 13% lower than the year-ago level and 4% lower than the
five-year (2016–2021) average for this week.
The natural gas
plant liquids (NGPL) composite price at Mont Belvieu, Texas, fell by
44¢/MMBtu, or 5.6%, averaging $7.46/MMBtu for the week ending March 24,
mirroring a 5.6% decline in West Texas Intermediate (WTI) crude oil
prices for the same week. The prices of natural gasoline, butane, and
isobutane, which are most closely correlated with crude oil, fell by
10%, 8%, and 7%, respectively. Recovering petrochemical industry
feedstock demand supported ethane and propane prices, which fell by less
than other NGPLs. The average weekly ethane price declined by 1%, and
the average weekly propane price declined by 4%.
According to
Baker Hughes, for the week ending Tuesday, March 16, the natural gas rig
count remained flat at 92. The number of oil-directed rigs rose by 9 to
318. Oil-directed rigs have reached the highest level since the first
week of May 2020. The total rig count increased by 9, and it now stands
at 411.
NBW Reports
Cattle Inventory By State: This Year vs. Last Year
Cattle Inventory Highlights
Cattle Inventory: Ranking Of States With The Most Cattle
Cattle on Feed
Cattle Slaughter By State
Cold Storage
Corn Progress By State
Estimated Weekly Meat Production
Export Sales Highlights
Farms and Land in Farms Highlights
Livestock Comments
Livestock Slaughter
Livestock, Dairy & Poultry Outlook
Milk Production By State
National Drought Monitor
National Feeder Cattle Report
National Grain Report
Natural Gas Weekly Update
Number Of Farms By State
Quarterly Hogs & Pigs
Price Projections For Steers, Hogs, Milk
Protein Production Estimates
Ranking Of States With The Largest Farms
Ranking Of States With The Most Farms
Ranking Of States With The Most Land In Farms
Red Meat By Production By State
Soybean Balance Sheet
Today's Weather
Top 25: Largest Steer & Heifer Strings Sold Today
United States Ag Production Report
USDA Grain Stocks Report
USDA Prospective Plantings Report
WASDE: Feed Grain Outlook
WASDE: Livestock, Dairy & Poultry Outlook
WASDE: Oilseed Outlook
WASDE: Wheat Outlook
Rob Cook, RobCookKC@gmail.com