© Reuters.
barani krishnan
Investing.com — Utilities delivered a higher-than-expected 151 bcf output from the United States last week for heating and power generation, according to government data that helped the market settle past a 22-month low. feet).
Analysts tracked by Investing.com had expected the EIA (Energy Information Administration) to report withdrawals of 142 bcf in the week ending 27 January.
Henry Hub’s last month gas contract on the New York Mercantile Exchange fell to $2.4560 per mmBtu, or million British Thermal Units, at just 1.2 cents or 0.5% after falling to a 22-month low of $2.431 in storage data calmed down. .
The last time the Henry Hub benchmark gas contract traded lower was on March 18, when it fell to $2.422.
With the onset of the unusually warm winter of 2022/23, U.S. heating demand has fallen significantly compared to normal, with more gas being stored than originally thought.
At the end of last week, US gas reserves stood at 2.583 tcf, or 1 trillion cubic feet, up 9.4% from 2.361 tcf a year earlier, EIA data showed.
Gas prices plummeted from a 14-year high of $10 per mmBtu in August to hit $7 per mmBtu in December and hit mid-$2 levels this week in response to weaker warmth and storage demand. reached.
