January NYMEX Natural Gas Futures Contract Closed at $2.501 on Wednesday, November 27th

On Wednesday, November 27th – the January NYMEX Natural Gas Futures Contract began trading as the prompt month.  Opening at $2.530, just below Tuesday’s closing price of $2.533, the contract fluctuated along either side of $2.515 until the weekly storage publication was released at noon; a day early due to the Thanksgiving holiday.  Posting a meager jump to $2.532 as the report hit the wire, prices soon trended lower and continued into the afternoon.  January closed lower on Wednesday at $2.501.

The EIA Natural Gas Storage Report published on Thursday showed a 28 BCF withdrawal from storage for the week ended November 22nd – below the market estimate of 37 BCF. Total working gas in storage was reported as 3,610 BCF: 17.9% above this time last year and 0.9% below the five-year average.

As of 8:30AM EST this morning in Globex, WTI Crude was up $1.01; Natural Gas was up four cents; Heating Oil was up three cents; and Gasoline was up three cents. 

Natural Gas Glossary
Natural Gas Supplier
                                                                                                 
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.

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.