Thursday, January 12th saw the February NYMEX Natural Gas Futures Contract open at $3.808, fourteen cents above Wednesday’s closing price of $3.671. Trading along either side of $3.865 through 10:00AM as traders found value in the recently diminished contract, prices dipped to $3.750 as the bearish storage report hit the wire. Achieving an intraday high of $3.946 at 11:15AM, prices then trended lower for the balance of the day. Marking the intraday low of $3.672 ahead of 2:30PM, February closed higher on Thursday at $3.695.
Markets will be closed on Monday, January 16th in observation of Dr. Martin Luther King Jr. Day.
The EIA Natural Gas Storage Report published on Thursday showed an 11 BCF injection to storage for the week ended January 6 – above the market estimate of 2 BCF. Total working gas in storage was reported as 2,891 BCF; 4.6% below this time last year and 1.4% below the five-year average.
As of 9:25AM EST this morning in Globex, WTI Crude was up 44 cents; Natural Gas was down 15 cents; Heating Oil was down 1 cent; and Gasoline was down 1 cent.
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.
