Overview of Week Ending May 23

• Natural gas prices, led by the futures market, advanced modestly in nearly all markets over the week. At the New York Mercantile Exchange (NYMEX), the June 2012 natural gas contract ended the week up 11.9 cents per million British thermal units (MMBtu) to close at $2.737 per MMBtu on May 23.
• The Henry Hub price followed the NYMEX lead, closing at $2.60 per MMBtu on May 23, up 10 cents per MMBtu for the week.
• Working natural gas in storage rose last week to 2,744 billion cubic feet (Bcf) as of Friday, May 18, according to EIA’s Weekly Natural Gas Storage Report (WNGSR). An implied storage build of 77 Bcf for the week positioned storage volumes 750 Bcf above year-ago levels.
• The natural gas rotary rig count, as reported by Baker Hughes Incorporated on May 18, rebounded by 2 to 600 active units. Meanwhile, oil-directed rigs increased by 10 to 1,382 units.

Read the full update for more details on prices, supply and demand, storage and production.