Eia Boosts Q1 Gas Price Forecast 6.6%, Predicts Gas Demand Will Tail Off In April

摘要

With frigid weather cutting across the Midwest and Northeast in recent weeks, and with oil prices surging past $105/barrel, the Energy Information Administration last week projected that Henry Hub spot gas prices will average $8.72/Mcf in the first quarter, up 6.6%, or 54 cents, from its forecast a month ago.rn"Cold weather so far in the first quarter has kept pressure on prices, which are expected to decline as space heating demand begins to wane in April," EIA said in its March short-term energy outlook. "On an annual basis, the Henry Hub spot price is expected to average about $8.18/Mcf in 2008 and $7.95/Mcf in 2009."rnWorking gas storage inventories remain relatively robust, though stocks declined to 1.4 Tcf on February 29, just 63 Bcf above the five-year average and 169 Bcf below the level during the same week of last year.