Friday, December 2nd saw the January NYMEX Natural Gas Futures Contract open at $6.550, nineteen below Thursday’s closing price of $6.738. Reaching an intraday high of $6.679 by 11:15AM, the contract continued its pre-opening bell decline as the latest forecasts remain bearish. Additionally, the Freeport LNG Terminal has again pushed back its restart date, further stranding gas for domestic use. Marking the intraday low of $6.270 ahead of 2:30PM, January closed lower on Friday at $6.281.
The EIA Natural Gas Storage Report published last Thursday showed an 81 BCF withdrawal from storage for the week ended November 25 – below the market estimate of 86 BCF. Total working gas in storage was reported as 3,483 BCF; 2.5% below this time last year and 2.4% below the five-year average.
As of 7:05AM EST this morning in Globex, WTI Crude was up $2.22; Natural Gas was down 44 cents; Heating Oil was up five cents; and Gasoline was up five cents.
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.
