Friday, January 16th saw the front-month NYMEX Natural Gas contract open at $3.095, $0.033 below Thursday’s closing price of $3.128. Extending to the intraday high of $3.133 shortly after 10:00AM, prices floundered through midday at traders weighed in the impending frigid temperatures, and possible freeze-offs, against ample storage levels. Marking the intraday low of $3.020 at 12:25PM, the contract found buyers to finish the session on a higher note, as February closed lower on Friday at $3.103; down 2.1% on the week.
The EIA Natural Gas Storage Report published last Thursday posted a 71 BCF withdrawal from storage for the week ended January 9 – below the market estimate of an 89 BCF withdrawal. Total working gas in storage was reported as 3,185 BCF; 1.0% above this time last year and 3.4% above the five-year average.
As of 7:00AM this morning in Globex, WTI Crude was up $0.350; Natural Gas was up $0.718; Heating Oil was up $0.073; and Gasoline was up $0.015.
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
