Wednesday, February 1st saw the front-month NYMEX Natural Gas Futures Contract open at $2.622 six cents below Tuesday’s closing price of $2.684. Reaching the intraday high of $2.637 near 9:30AM, prices were then directed lower as updated forecasts show mild temperatures moving in following the current arctic conditions. Slipping to $2.519 by noon, the contract marked an intraday low of $2.463 ahead of 2:30PM, March closed lower on Wednesday at $2.468.
The EIA Natural Gas Storage Report is due out on Thursday at 10:30AM. The report is expected to show a 147 BCF withdrawal from storage for the week ended January 27. This compares to a 268 BCF withdrawal at this time last year and a five-year average withdrawal amount of 181 BCF.
As of 6:40AM EST this morning in Globex, WTI Crude was up 34 cents; Natural Gas was up four cents; Heating Oil was down slightly; and Gasoline was up slightly.
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.
