Friday, February 13th saw the front-month NYMEX Natural Gas contract open at $3.133, $0.084 below Thursday’s closing price $3.217. Reacting to seasonally bearish short-term forecasts and steady production, prices trended lower overnight. Marking the intraday low of $3.131 mere minutes after the opening below, the contract posted a steady ascent that would span into the afternoon. Marking the intraday high of $3.278 at 1:25PM, March closed higher on Friday at $3.243; down 5.2% on the week.
The EIA Natural Gas Storage Report published last Thursday posted a 249 BCF withdrawal from storage for the week ended February 6 – in line with the market estimate of a 252 BCF withdrawal. Total working gas in storage was reported as 2,214 BCF; 4.2% below this time last year and 5.5% below the five-year average.
As of 7:00AM this morning in Globex, WTI Crude was up $1.010; Natural Gas was down $0.106 Heating Oil was up $0.049; and Gasoline was up $0.020.
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
