Wednesday, December 6th saw the front-month NYMEX Natural Gas Futures Contracts open at $2.961, five cents above Tuesday’s closing price of $2.914. With weather-related demand keeping prices afloat overnight, the contract turned downward as markets opened. Falling to the $2.91 level by 10:00AM, a gradual decline to the intraday low of $2.884 shortly after noon was soon recovered. With today’s storage report expectations paling in comparison to both the five-year average and last year’s withdrawal, January closed nearly flat on Wednesday at $2.922.
The EIA Natural Gas Storage Report is due out at 10:30AM today. The report is expected to show no change in storage for the week ended December 1st. This compares to a 42 BCF withdrawal at this time last year and a five-year average withdrawal amount of 69 BCF.
This morning in Globex, WTI Crude was up 28 cents; Natural Gas was down nine cents; Heating Oil up one cent; and, Gasoline was up two cents.
Natural Gas Glossary
For access to Sprague’s full Natural Gas Market Watch Report including commentary not posted here, please send your request to firstname.lastname@example.org or call 1-855-466-2842.
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. This document may not be reproduced or redistributed, in whole or in part, without the prior written permission of Sprague.