The February gas futures contract is currently trading at $2.68/MMBtu, $0.08 higher than it settled yesterday. By comparison, the 12 month strip is trading at $3.06/MMBtu and this year's winter strip (Feb 12 - Mar 12) is trading at $2.71/MMBtu.

Shale Gas: $113 Billion in Savings for U.S. Consumers thru 2015

With natural gas reaching a 10-year low this month, senior economists at the Federal Reserve estimate this could save U.S. consumers $16.5 billion on home energy bills over the course of the year.

The total savings, including the lower costs of products where natural gas is vital to production, is estimated to be $113 billion through 2015, according to energy industry consultants IHS Inc.

According to Robert Solow, 1987 Nobel Prize winner in economics, putting that much money back in the hands of U.S. consumers will be a "significant" contributing factor for U.S. gross domestic product growth for 2012 and 2013.

New Emissions Data

U.S. carbon dioxide emissions are still lower than they were in 2000, according to EIA estimates.

One major contributing factor to the downward trend of emissions this century is the increasing number of natural gas-fired power plants. 

Natural gas power emits just 20% of the carbon monoxide and nitrogen monoxide of coal, less than 1% of the sulfur dioxide, particulate matter, and mercury, and cuts carbon dioxide emissions by up to 40%.

Storage

Working gas in storage was 3,098 Bcf as of Friday, January 20, 2012, according to EIA estimates. This represents a net decline of 192 Bcf from the previous week, the largest decline thus far this winter.

Stocks are still 531 Bcf higher than last year at this time and 547 Bcf above the 5-year average.

Weekend Forecast

Temperatures in the Buffalo/Niagara region are expected to hover around 32 degrees throughout the weekend resulting in a mix of rain and snow. Temperatures are expected to be slightly lower on Sunday with a low of 18 and more snow.