Wednesday, January 15th saw the front-month NYMEX Natural Gas Futures Contract open at $2.118, seven cents below Tuesday’s closing price of $2.187. Falling to an intraday low of $2.104 shortly after the opening bell, conflicting weather reports sank the contract yesterday morning as forecasts for arctic temperatures turned bearish. Recovering to the $2.130 level an hour later, prices trended gradually higher until reaching an intraday high of $2.141 at 1:20PM. February closed lower on Wednesday at $2.120.
The EIA Natural Gas Storage Report is due out at 10:30AM today. The report is expected to show a 94 BCF withdrawal from storage for the week ended January 10th. This compares to an 81 BCF withdrawal at this time last year and a five-year average withdrawal amount of 184 BCF.
As of 8:40AM EST this morning in Globex, WTI Crude was up 11 cents; Natural Gas was up one cent; Heating Oil was down one cent; and Gasoline was up one cent.
Natural Gas Glossary
Natural Gas Supplier
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.