December 9, 2022
Thursday, December 8
th saw the January NYMEX Natural Gas Futures Contract open at $5.860, fourteen cents above Wednesday’s closing price of $5.723. Marking the intraday low of $5.808 within minutes of the open, prices rose to chop around the $5.900 level leading up to the weekly storage report. Following a brief spike to $6.000 as the report hit the wire, the contract ascended into the afternoon as traders placed their faith in the latest bullish forecasts. Marking the intraday high of $6.164 at 1:30PM, January closed higher on Thursday at $5.962.
The EIA Natural Gas Storage Report published last Thursday showed a 21 BCF withdrawal from storage for the week ended December 2 – in line with the market estimate of 20 BCF. Total working gas in storage was reported as 3,462 BCF; 1.5% below this time last year and 1.6% below the five-year average.
As of 6:45AM EST this morning in Globex, WTI Crude was up 42 cents; Natural Gas was down three cents; Heating Oil was down slightly; and Gasoline was up slightlyt.
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.