Wednesday, January 28th saw the front-month NYMEX Natural Gas contract open at $6.148, $0.806 below Tuesday’s closing price of $6.954. Posting a choppy ascent through the session, prices rose to the highest intraday mark since September of 2022; $7.827 at 2:00PM. Finishing higher on Wednesday, February settled at $7.460.
The more heavily traded March contract opened at $3.659, $0.161 below Tuesday’s closing price of $3.820. Marking the intraday low of $3.644 within minutes of the open, price stabilized near $3.860 by 11:00AM, tallying intraday high of $3.899 at 11:25AM. Withdrawing shortly after midday as fundamentals grew less supportive, March closed lower on Wednesday at $3.732.
The EIA Natural Gas Storage Report is due out Thursday at 10:30AM. The report is expected to show a 230 BCF withdrawal from storage for the week ended January 23. This compares to a 321 BCF withdrawal this time last year and a five-year average withdrawal amount of 208 BCF.
As of 6:30AM this morning in Globex, WTI Crude was up $1.390; Natural Gas was up $0.091; Heating Oil was down $0.046; and Gasoline was up $0.026.
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
