January NYMEX Natural Gas Futures Contract Closed at $5.723 on Wednesday, December 7th

Wednesday, December 7th saw the January NYMEX Natural Gas Futures Contract open at $5.643, seventeen cents above Tuesday’s closing price of $5.469. Trending higher overnight upon renewed forecasts for cold weather coming in the back half of the month, prices traded lower throughout the morning until finding an intraday low of $5.402 at 11:45AM. Soaring higher as the midday forecast supported the overnight call for an increase in expected heating demand, the contract reached an intraday high of $5.785 ahead of closing. January finished higher on Wednesday at $5.723.

The EIA Natural Gas Storage Report is due out on Thursday at 10:30AM. The report is expected to show a 20 BCF withdrawal from storage for the week ended December 2. This compares to a 59 BCF withdrawal at this time last year and a five-year average withdrawal amount of 49 BCF.

As of 6:25AM EST this morning in Globex, WTI Crude was up 49 cents; Natural Gas was up nine cents; Heating Oil was up one cent; and Gasoline was up one cent.

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.
 

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This market update is provided for information purposes only and is not intended as advice on any transaction nor is it a solicitation to buy or sell commodities. Sprague makes no representations or warranties with respect to the contents of such news, including, without limitation, its accuracy and completeness, and Sprague shall not be responsible for the consequence of reliance upon any opinions, statements, projections and analyses presented herein or for any omission or error in fact. The views expressed in this material are through the period as of the date of this report and are subject to change based on market and other conditions. This document contains certain statements that may be deemed forward-looking statements. Please note that any such statements are not guarantees of any future performance or results and actual results or developments may differ materially from those projected. The whole or any part of this work may not be reproduced, copied, or transmitted or any of its contents disclosed to third parties without Sprague’s express written consent.