Thursday, February 12th saw the front-month NYMEX Natural Gas contract open at $3.259, $0.010 above Wednesday’s closing price $3.159. Achieving the intraday high of $3.316 at 9:55AM, the contract then dipped to trade at $3.292 ahead of the 10:30AM storage publication. Retreating to $3.192 following the historically bullish withdrawal, prices traded within a few cents of $3.230 through the afternoon. Marking the intraday low of $3.188 at 1:35PM, March closed higher on Thursday at $3.217.
The EIA Natural Gas Storage Report published on Thursday posted a 249 BCF withdrawal from storage for the week ended February 6 – in line with the market estimate of a 252 BCF withdrawal. Total working gas in storage was reported as 2,214 BCF; 4.2% below this time last year and 5.5% below the five-year average.
As of 6:35AM this morning in Globex, WTI Crude was down $0.040; Natural Gas was down $0.075 Heating Oil was up $0.004; and Gasoline was down $0.006.
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
