The U.S. natural gas rig count increased one unit higher - Geojit Financial Services
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Natural gas
Henry hub Natural gas front futures contract tested above USD 6 MMBtu in previous week and settled lower. Prospects of winter demand, supply concerns in European and Asia regions along with global economies’ attempt to shift to a cleaner energy source combinedly boosted the prices sentiments. Meanwhile, early signs of colder than normal temperature in US could activate an early season heating demand further supported the price sentiments. Whereas stronger demand of LNG from Asia Pacific region continue to bolster prices. NYMEX natural gas December month future contract made volatile trades in previous week and lastly closed with a gain by 2.77 percent. Whereas MCX natural gas prices edged higher as well in previous week and closed at INR 409/ MMBtu by advancing 1.39 percent
* Russian President Vladimir Putin ordered the state run exporter Gazprom to start filling its European Storage faculties from November 8th after allegations that Moscow has stoked an energy crisis by holding back supplies.
* China Petroleum and Chemical Corp, also known as Sinopec and the world's largest refiner by volume, said it planned to purchase 13.3 billion cubic meters of liquefied natural gas from overseas during the upcoming heating season.
* Ukraine sold its first commercial shipment of gas to neighboring Moldova, and also offered additional NG supplies to Europe
* The U.S. natural gas rig count increased one unit higher to finish at an even 100 for the week ended October 29.
Natural Gas storage increased
The U.S. Energy Information Administration (EIA) said U.S. utilities added 87 billion cubic feet (bcf) of gas into storage during the week ended October 22. It was the seventh week in a row that the build was bigger than usual. The 86-bcf build was in line with expectation and compares with an increase of 32 bcf in the same week last year and a five-year (2016-2020) average rise of 62 bcf. Last week's injection boosted stockpiles to 3.548 trillion cubic feet (tcf), 3.4 percent below the five-year average of 3.674 tcf for this time of year
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