Henry Hub up 27 cents to $1.83

Natural gas spot prices rose at most locations this report week (Wednesday, May 13 to Wednesday, May 20). The Henry Hub spot price rose from $1.56 per million British thermal units (MMBtu) last Wednesday to $1.83/MMBtu yesterday.

At the New York Mercantile Exchange (Nymex), the price of the June 2020 contract increased 16¢, from $1.616/MMBtu last Wednesday to $1.771/MMBtu yesterday. The price of the 12-month strip averaging June 2020 through May 2021 futures contracts climbed 4¢/MMBtu to $2.399/MMBtu.

The net injections to working gas totaled 81 billion cubic feet (Bcf) for the week ending May 15. Working natural gas stocks totaled 2,503 Bcf, which is 45% more than the year-ago level and 19% more than the five-year (2015–19) average for this week.

The natural gas plant liquids composite price at Mont Belvieu, Texas, rose by 52¢/MMBtu, averaging $4.27/MMBtu for the week ending May 20. The prices of natural gasoline and ethane rose by 8% and 18%, respectively. The prices of propane, butane, and isobutene each rose by 13%. Ethane prices continue to rise above their long-term trend of value relative to natural gas amid concerns about declining liquids-rich natural gas production in the Permian Basin and its impacts on availability of ethane as a petrochemical feedstock.

According to Baker Hughes, for the week ending Tuesday, May 12, the natural gas rig count decreased by 1 to 79. The number of oil-directed rigs fell by 34 to 258. The total rig count decreased by 35, and it now stands at 339, the lowest on record dating back to 1987.

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Rob Cook, RobCookKC@gmail.com