December 1, 2022
Wednesday, November 30
th saw the January NYMEX Natural Gas Futures Contract open at $7.181, five cents below Tuesday’s closing price of $7.235. Peaking at an intraday high of $7.285 at 9:30AM, prices then moved lower as early December forecasts fail to impress. Until the expected seasonal temperatures arrive, sentiment will remain bearish. Losing ground ahead of midday to trade along either side of the $6.90 level, the contract marked an intraday low of $6.806 as 2:00PM. January closed lower on Wednesday at $6.930.
The EIA Natural Gas Storage Report is due out on Thursday at 10:30AM. The report is expected to show an 86 BCF withdrawal from storage for the week ended November 24. This compares to a 59 BCF withdrawal at this time last year and a five-year average withdrawal amount of 34 BCF.
As of 6:20AM EST this morning in Globex, WTI Crude was up 69 cents; Natural Gas was up six cents; Heating Oil was down six cents; and Gasoline was up slightly.
For access to Sprague’s full Natural Gas Market Watch Report including commentary not posted here, please send your request to
natgas@spragueenergy.com or call 1-855-466-2842.
This market update is provided for information purposes only and is not intended as advice on any transaction nor is it a solicitation to buy or sell commodities. Sprague makes no representations or warranties with respect to the contents of such news, including, without limitation, its accuracy and completeness, and Sprague shall not be responsible for the consequence of reliance upon any opinions, statements, projections and analyses presented herein or for any omission or error in fact. The views expressed in this material are through the period as of the date of this report and are subject to change based on market and other conditions. This document contains certain statements that may be deemed forward-looking statements. Please note that any such statements are not guarantees of any future performance or results and actual results or developments may differ materially from those projected. The whole or any part of this work may not be reproduced, copied, or transmitted or any of its contents disclosed to third parties without Sprague’s express written consent.