Monday, February 9th saw the front-month NYMEX Natural Gas contract open at $3.155, $0.267 below Friday’s closing price of $3.422. Recording this intraday low of $3.111 ahead of 9:15AM, prices were knocked lower over the weekend as traders eyed warming forecasts and steady production. Achieving the intraday high of $3.225 at 10:55AM, prices hung around the $3.150 level into the afternoon. March closed lower on Monday $3.138.
The EIA Natural Gas Storage Report published last Thursday posted a 360 BCF withdrawal from storage for the week ended January 30 – below the market estimate of a 375 BCF withdrawal. Total working gas in storage was reported as 2,463 BCF; 1.7% above this time last year and 1.1% below the five-year average.
As of 7:25AM this morning in Globex, WTI Crude was up $0.040; Natural Gas was up $0.008 Heating Oil was down $0.025; and Gasoline was down $0.007.
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