Tuesday, February 10th saw the front-month NYMEX Natural Gas contract open at $3.163, $0.025 above Monday’s closing price $3.138. Buoyed by bargain buyers entering the market, prices rose through the morning to cross midday at $3.169. Ascending to the intraday high of $3.214 at 1:15PM, the contract then pulled back to record the intraday low of $3.108 at 2:25PM. Overlooking current frigid conditions in favor of mild forecasts and steady production, March closed lower on Tuesday at $3.115.
The EIA Natural Gas Storage Report is due out Thursday at 10:30AM. The report is expected to show a 252 BCF withdrawal from storage for the week ended February 6. This compares to a 100 BCF withdrawal this time last year and a five-year average withdrawal amount of 146 BCF.
As of 7:05AM this morning in Globex, WTI Crude was up $1.440; Natural Gas was up $0.043 Heating Oil was up $0.050; and Gasoline was up $0.031.
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
