Wednesday, January 3rd saw the front-month NYMEX Natural Gas Futures Contract open at $2.606, four cents above Tuesday’s closing price of $2.568. Dipping to the intraday low of $2.603 within minutes of the open, bullish forecasts spanning to the middle of the month continue to provide support following an exceptionally mild December. Overlooking steady supply levels and healthy production, prices rose to the intraday high of $2.719 at 10:00AM. Trading along either side of $2.670 through the afternoon, February closed higher on Wednesday at $2.668.
The EIA Natural Gas Storage Report is due out on Thursday at 10:30AM. The report is expected to show a 38 BCF withdrawal from storage for the week ended December 29th. This compares to a 221 BCF withdrawal at this time last year and a five-year average withdrawal amount of 97 BCF.
As of 7:15AM EST this morning in Globex, WTI Crude was up 82 cents; Natural Gas was up 11 cents; Heating Oil was up two cents; 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.
