American Oil and Gas Reporter - December 2022 - 40

Major Market Drivers
Support Upward Pressure
On Wintertime Gas Prices
By Dena E. Wiggins
WASHINGTON-Even though U.S. natural gas production is
forecast to increase by 4% year-over-year this winter, the Natural
Gas Supply Association's annual Winter Outlook projects upward
pressure on natural gas prices compared with the 2021-22 heating
season mainly because of the combination of below-average
storage and an estimated 2% increase in overall demand.
The NGSA report projects that both natural gas demand and
production will expand this winter, thanks to the recovering
U.S. economy, a strong global commodity market and higher
wellhead prices stimulating increased domestic production.
With a surety of supply, U.S. natural gas prices remain
exponentially lower than prices in Europe and Asia, where
European geopolitical tensions continue to result in fuel reliability
concerns for natural gas as well as coal and oil supply in
international markets, driving increased price volatility. While
the NGSA analysis does not project wholesale or retail prices,
U.S. natural gas prices are starting this winter trading at levels
significantly higher than at the start of last winter. Henry Hub
prices averaged $4.51 per MMBtu on the New York Mercantile
Exchange between Nov. 1, 2021, and March 30, 2022. Late last
summer, Henry Hub prices briefly touched double-digit values
and entered the 2022 Thanksgiving holiday week trading
between $6.75/MMBtu (December futures) and $7.17/MMBtu
(January futures) on NYMEX.
40 THE AMERICAN OIL & GAS REPORTER

American Oil and Gas Reporter - December 2022

Table of Contents for the Digital Edition of American Oil and Gas Reporter - December 2022

Contents
American Oil and Gas Reporter - December 2022 - Intro
American Oil and Gas Reporter - December 2022 - Cover1
American Oil and Gas Reporter - December 2022 - Cover2
American Oil and Gas Reporter - December 2022 - 3
American Oil and Gas Reporter - December 2022 - 4
American Oil and Gas Reporter - December 2022 - Contents
American Oil and Gas Reporter - December 2022 - 6
American Oil and Gas Reporter - December 2022 - 7
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American Oil and Gas Reporter - December 2022 - Cover3
American Oil and Gas Reporter - December 2022 - Cover4
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