Specifically, according to data from IHS Markit, the average total supply of natural gas rose by 1% compared with the previous report week, whereas dry natural gas production decreased by 1% compared with the previous report week.

GET THE SAFETY4SEA IN YOUR INBOX!

What is more, 15 LNG vessels (7 from Sabine Pass, 2 from Corpus Christi, 4 from Cameron, and 1 each from Cove Point and Freeport) with a combined LNG-carrying capacity of 54 Bcf departed the United States between January 16 and January 22, 2020.

Average net imports from Canada increased by 62% from last week to meet winter demand in Northeast and Midwest markets, and total U.S. consumption of natural gas rose by 17% compared with the previous report week, according to data from IHS Markit.

In the residential and commercial sectors, consumption increased by 27%, driven by increased heating needs during the first half of the report week. Natural gas consumed for power generation climbed by 15% week over week as demand rose for electricity used in space heating.

Industrial sector consumption increased by 3% week over week.

Natural gas exports to Mexico decreased 7% with maintenance on the Sur de Texas–Tuxpan pipeline.

According to EIA, natural gas spot prices fell at most locations this report week. The Henry Hub spot price fell from $1.98 per million British thermal units (MMBtu) on January 15, to $1.89/MMBtu on January 21.

At the New York Mercantile Exchange (Nymex), the price of the February 2020 contract decreased 22¢, from $2.120/MMBtu on January 15, to $1.905/MMBtu to January 21.

It is said that January 21st’ contract price of $1.895/MMBtu was the lowest price for a February contract since 1999. The price of the 12-month strip averaging February 2020 through January 2021 futures contracts declined 13¢/MMBtu to $2.156/MMBtu.

The net withdrawal from working gas totaled 92 billion cubic feet (Bcf) for the week ending January 17. Working natural gas stocks total 2,947 Bcf, which is 23% more than the year-ago level and 9% more than the five-year (2015–19) average for this week.

The natural gas plant liquids composite price at Mont Belvieu, Texas, fell by 15¢/MMBtu, averaging $4.90/MMBtu for the week ending January 22. The prices of ethane, propane, and butane fell by 8%, 7%, and 2%, respectively. The prices of natural gasoline and isobutane rose by 1% and 5%, respectively.

According to Baker Hughes, for the week ending Tuesday, January 14, the natural gas rig count increased by 1 to 120. The number of oil-directed rigs rose by 14 to 673. The total rig count increased by 15, and it now stands at 796.

In late 2019, the Energy Information Administration (EIA) issued its Natural Gas Annual report for 2018, addressing that the US set a new record in natural gas production, consumption and exports that year.