January NYMEX Natural Gas Futures Contract Closed at $6.738 on Thursday, December 1st

Thursday, December 1st saw the January NYMEX Natural Gas Futures Contract open at $7.104, seventeen above below Wednesday’s closing price of $6.930. Marking the intraday high of $7.213 by 9:15AM, prices trended lower to reach the $7.030 mark ahead of the weekly storage report. Sinking further as the report hit the wire, the contract fell to cross midday at $6.804 and marked an intraday low of $6.708 at 2:15PM. January closed lower on Thursday at $6.738.

The EIA Natural Gas Storage Report published on 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 6:55AM EST this morning in Globex, WTI Crude was up eight cents; Natural Gas was down seven cents; Heating Oil was up three cents; and Gasoline was flat.

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.
 

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This market update is provided for information purposes only and is not intended as advice on any transaction nor is it a solicitation to buy or sell commodities. Sprague makes no representations or warranties with respect to the contents of such news, including, without limitation, its accuracy and completeness, and Sprague shall not be responsible for the consequence of reliance upon any opinions, statements, projections and analyses presented herein or for any omission or error in fact. The views expressed in this material are through the period as of the date of this report and are subject to change based on market and other conditions. This document contains certain statements that may be deemed forward-looking statements. Please note that any such statements are not guarantees of any future performance or results and actual results or developments may differ materially from those projected. The whole or any part of this work may not be reproduced, copied, or transmitted or any of its contents disclosed to third parties without Sprague’s express written consent.