EIA: U.S. natural gas spot prices increased in first half of 2013

U.S. Energy Information Administration EIA Henry Hub avrage natural gas spot prices

A report from the U.S. Energy Information Administration stated that average spot natural gas prices at most major trading points increased 40 percent to 60 percent during the first half of 2013 as compared to the same period in 2012. The EIA attributed the rise in cost to the demanding for natural gas rising faster than the increases in supply, but noted the prices, while increased from 2012, are very similar to price levels seen from 2009 to 2011.

Natural gas spot prices for Henry Hub averaged $3.75/MMBtu during the first half of 2013, which is a 57 percent increase from the first half of 2012 when spot prices averaged $2.39/MMBtu.

The EIA noted several contributing factors natural gas prices are nearing the $4.00/MMBtu range, including colder winter temperatures, a slowing in U.S. dry natural gas production and storage inventories that have decreased below the five-year average levels.

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