Monday, January 8th saw the front-month NYMEX Natural Gas Futures Contract open at $2.753, fourteen cents below Friday’s closing price of $2.893. Touching base with market fundamentals early on, with ample storage, prices recorded the intraday low of $2.694. Refocusing on the more-exciting cold snap in the coming weeks, the contract rose confidently for the balance of the day. Reaching the intraday high of $2.984 ahead of 2:30PM, February closed higher on Monday at $2.980.
The EIA Natural Gas Storage Report published last Thursday showed a 14 BCF withdrawal from storage for the week ended December 29 – below the market estimate 38 BCF. Total working gas in storage was reported as 3,476 BCF; 18.9% above this time last year and 13.0% above the five-year average.
As of 6:55AM EST this morning in Globex, WTI Crude was up $1.63; Natural Gas was up eight cents; Heating Oil was up six cents; and Gasoline was up six 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.
