After a drop off in the morning, prices had rallied by noon on Sept. 19, rising to $2.33/MMbtu, a 2% increase from the day before. (Source: Shutterstock)
With much of the nation enjoying mild weather, the U.S. grew its natural gas storage levels to 3.445 Tcf during the week ending Sept. 13, according to the U.S. Energy Information Administration (EIA).
The weekly storage report, released Sept. 19, showed a 58 Bcf increase from the week before, missing consensus market expectations of 53 Bcf, according to East Daley Analytics. While slightly higher expected, the surplus to the five-year average shrunk by 22 Bcf to 274 Bcf.
East Daley predicted that Hurricane Francine, which swept through the Gulf of Mexico during the same week the storage report was released, may have caused demand destruction that will result in a higher storage addition in next week’s EIA report.
The Henry Hub Front Month Futures Price was unaffected by the news. After a drop off in the morning, prices had rallied by noon on Sept. 19, rising to $2.33/MMbtu, a 2% increase from the day before.
Recommended Reading
E&P Highlights: June 16, 2025
2025-06-16 - Here’s a roundup of the latest E&P headlines, including the third major transaction this month for Baker Hughes and an explorer award for Exxon Mobil.
US Drillers Add Oil, Gas Rigs for Second Week in a Row
2025-04-25 - The oil and gas rig count rose by two to 587 in the week to April 25. Despite this week's rig increase, Baker Hughes said the total count was still down 26, or 4% below this time last year.
US Drillers Add Oil, Gas Rigs for First Time in Four Weeks
2025-04-18 - The oil and gas rig count rose by two to 585 in the week to April 17. Despite this week's rig increase, Baker Hughes said the total count was still down 34 rigs, or 5% below this time last year.
US Drillers Cut Oil and Gas Rigs for First Time in Three Weeks
2025-05-02 - Baker Hughes said oil rigs fell by four to 479 this week, while gas rigs rose by two to 101.
US Oil Rig Count Falls by Most in a Week Since June 2023
2025-04-11 - The oil and gas rig count fell by seven to 583 in the week to April 11. Baker Hughes said this week's decline puts the total rig count down 34 rigs, or 6% below this time last year.
Comments
Add new comment
This conversation is moderated according to Hart Energy community rules. Please read the rules before joining the discussion. If you’re experiencing any technical problems, please contact our customer care team.