Natural gas spot prices in the Lower 48 States this report week declined to their lowest levels this year even as disruptions in offshore Gulf of Mexico production continue in the aftermath of Hurricanes Ike and Gustav. During the report week, the Henry Hub spot price decreased $0.83 per million Btu (MMBtu) to $6.58.
At the New York Mercantile Exchange (NYMEX), the price of the near-term contract (November 2008) decreased to its lowest price since September 2007, closing at $6.742 per MMBtu yesterday (October 8). The net change during a week in which the price decreased each trading day was $0.986 per MMBtu.
As of Friday, October 3, working gas in underground storage totaled 3,198 billion cubic feet (Bcf), which is 2.2 percent above the prior 5-year (2003-2007) average.
The price of crude oil declined steeply, decreasing 9.5 percent during the report week to below $90 per barrel for the first time since February 7. The West Texas Intermediate (WTI) price yesterday averaged $88.91 per barrel, or $15.33 per MMBtu, which was $9.32 per barrel lower than the previous Wednesday.
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