Thursday, January 3rd saw the front-month NYMEX Natural Gas Futures Contracts open at $2.898, six cents below Wednesday’s closing price of $2.958. Falling initially to challenge lows last seen in mid-September, prices rebounded off the intraday low of $2.878 to manage a staggered ascent throughout the day. Finding support as traders cover short positions and realign with market fundamentals, the contract tallied the intraday high of $2.964 at 1:20PM. February closed lower on Thursday at $2.945.
The EIA Natural Gas Storage Report is due out at 10:30AM today. The report is expected to show a 35 BCF withdrawal from storage for the week ended December 28th. This compares to a 206 BCF withdrawal at this time last year and a five-year average withdrawal amount of 107 BCF.
This morning in Globex, WTI Crude was up $1.01; Natural Gas was up eight cents; Heating Oil was up four cents; and Gasoline was up two cents. Additionally, cash prices were lower in New York and New England.
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.
