Tuesday, January 6th saw the front-month NYMEX Natural Gas contract open at $3.357, $0.204 below Friday’s closing price of $3.523. In a calm day of trading, traders shook off the latest bearish forecasts in favor of hoping for a frigid back end of the month. The contract fluctuated along either side of $3.360 throughout the session; marking an intraday high of $3.419 at 12:20PM and an intraday low of $3.324 at 2:15PM. February closed lower on Tuesday at $3.350.
The EIA Natural Gas Storage Report is due out Thursday at 10:30AM. The report is expected to show a 108 BCF withdrawal from storage for the week ended January 2. This compares to a 40 BCF withdrawal this time last year and a five-year average withdrawal amount of 66 BCF.
As of 8:25AM this morning in Globex, WTI Crude was up $0.010; Natural Gas was up $0.165; Heating Oil was up $0.003; and Gasoline was up $0.011.
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