Tuesday, February 3rd saw the front-month NYMEX Natural Gas contract open at $3.247, $0.010 above Monday’s closing price of $3.237. In an uneventful session, prices recorded the intraday low of $3.246 within minutes of the opening bell as traders await the next market catalyst. Climbing to an intraday high of $3.397 at 11:15AM, prices pulled back in the afternoon as March closed higher on Tuesday at $3.311.
The EIA Natural Gas Storage Report published last Thursday posted a 242 BCF withdrawal from storage for the week ended January 23 – greater than the market estimate of a 230 BCF withdrawal. Total working gas in storage was reported as 2,823 BCF; 7.9% above this time last year and 5.3% above the five-year average.
As of 7:20AM this morning in Globex, WTI Crude was up $0.250; Natural Gas was up $0.020; Heating Oil was up $0.020; and Gasoline was up $0.008.
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