On the Intercontinental Exchange (ICE), natural gas futures available for trade in the next 12 months at Henry Hub were relatively flat in May 2014, although prices were higher for prompt month delivery this month. Although natural gas futures on ICE increased by 2% in May 2014 when compared to the previous month, the spread between current and previous month contracts (represented above by the red bar) was almost negligible. For the next 12 months, Henry Hub natural gas futures in May 2014 had an average price of $4.68 USD/MMbtu.
Although the natural gas supplies were expected to be strong due to high domestic production levels, a severe U.S. winter drained natural-gas stockpiles to an 11-year low.Henry Hub natural gas futures for prompt month delivery in June 2014 experienced the largest gain, since hot weather across the United States was projected to increase gas-generated electricity demand for air conditioning at a time when producers usually replenish depleted supplies. This pushed the season of rebuilding stocks to a shaky start.
 Christian Bethelsen, “Natural-Gas Futures Climb as Supply Worries Mount,” The Wall Street Journal, May 6, 2014, Accessed June 3, 2014, http://online.wsj.com/article/BT-CO-20140506-707422.html.
Data Sources: ICE