Tuesday, January 17th saw the February NYMEX Natural Gas Futures Contract open at $3.691, twenty-seven cents above Friday’s closing price of $3.419. Marking the intraday high of $3.767 within minutes of the open, news of below-average temperatures arriving to close out the month provided support. Trading along $3.735 through midday, prices trended lower in the afternoon. Recording an intraday low of $3.556 at 12:35PM, February closed higher on Tuesday at $3.586.
The EIA Natural Gas Storage Report is due out on Thursday at 10:30AM. The report is expected to show a 61 BCF withdrawal from storage for the week ended January 13. This compares to a 206 BCF withdrawal at this time last year and a five-year average withdrawal amount of 156 BCF.
As of 7:35AM EST this morning in Globex, WTI Crude was up $1.53; Natural Gas was down 21 cents; Heating Oil was up four cents; and Gasoline was up four cents.
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.