Tuesday, January 13th saw the front-month NYMEX Natural Gas contract open at $3.428, $0.019 above Monday’s closing price of $3.409. Trading within a wide range throughout the session, traders weighed short-term heating demand against record production. Recording the intraday low of $3.311 at 10:25AM, the contract posted a staggered ascent through midday that peaked at the intraday high of $3.448 at 1:35PM. February closed slightly higher on Tuesday at $3.419.
The EIA Natural Gas Storage Report is due out Thursday at 1030AM. The report is expected to show an 89 BCF withdrawal from storage for the week ended January 9. This compares to a 258 BCF withdrawal this time last year and a five-year average withdrawal amount of 146 BCF.
As of 7:15AM this morning in Globex, WTI Crude was up $0.520; Natural Gas was down $0.100; Heating Oil was up $0.012; and Gasoline flat.
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