Natural gas markets this week saw a decline in the beginning, followed by some upside pressure towards the end, however 12, 24, and 36 months strips all remained below the $4.00 level. Weather was a non event, however colder temperatures are starting to come in across north east markets, which should lead to higher demand and higher prices for heating fuels including natural gas. Prompt month gas ended the week off $0.05, and the strips were all off by a similar $0.05 - $0.07.
New gas storage levels came out on October 24, for the week ending October 10. The data showed 3,741 Bcf of gas in the system, up 87 Bcf from the previous week, or up 2%. The prior year’s report ending the same week showed 3,833 Bcf in the system, so the levels have come down 2.4% vs. the comparable period a year ago. That being said, present gas in the system is at around the 5 year average of 3,664 Bcf.