Liquid Fuel Report: Gas Prices Rise for the First Time in 7 Weeks
The Energy Information Administration recently released its latest weekly reports on the status of various liquid fuels in the United States, covering the week that ended October 18. The reports touch on natural gas and petroleum, presenting data about the production, storage, and prices of the fuels.
Changes in the data can reflect natural variations, seasonal trends, long-term market effects, and current events in regions of the globe where liquid fuels are produced, processed, and sold. The most recent reports were highlighted by the end of the partial government shutdown, which occurred during the time period that the statistics cover.
Working natural gas in storage — the volume readily available to the market — increased by 87 billion cubic feet in the week ended October 18 to 3,471 Bcf, according to EIA estimates. This is down by 92 Bcf from the same period last year but still slightly above the five-year historical average.
As of Thursday, futures traded at $3.619/mmBTU, below the $4-to-$6 range within which producers can both earn a profit and compete with alternative fuels like coal.