Tuesday, December 16th saw the front-month NYMEX Natural Gas contract open at $3.921, $0.091 below Monday’s closing price of $4.012. Knocked down overnight once again as the impeding December thaw drew near, prices fell to a six-week intraday low of $3.842 by 11:15AM. Recovering to mark the intraday high of $3.956 at 12:30PM, January closed lower on Tuesday at $3.886.
The EIA Natural Gas Storage Report is due out Thursday at 1030AM. The report is expected to show a 185 BCF withdrawal from storage for the week ended December 12. This compares to a 125 BCF withdrawal this time last year and a five-year average withdrawal amount of 96 BCF.
As of 7:15AM this morning in Globex, WTI Crude was up $1.230; Natural Gas was up $0.078; Heating Oil was up $0.037; and Gasoline was up $0.024.
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