Wednesday, January 10th saw the front-month NYMEX Natural Gas Futures Contract open at $3.006, eighteen cents below Tuesday’s closing price of $3.190. A bearish shift overnight in the impending arctic conditions directed prices lower early Wednesday morning, though prices found support as this cold was affecting production in parts of the country. Ascending to the intraday high of $3.110, the contract then trended lower into the afternoon. Recording the intraday low of $2.956 at 1:25PM, February closed lower on Wednesday at $3.039.
The EIA Natural Gas Storage Report is due out on Thursday at 10:30AM. The report is expected to show a 112 BCF withdrawal from storage for the week ended January 5th. This compares to an 11 BCF injection at this time last year and a five-year average withdrawal amount of 89 BCF.
As of 6:40AM EST this morning in Globex, WTI Crude was up $1.32; Natural Gas was down eight cents; Heating Oil was up six cents; and Gasoline was up five cents.
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.
