Tuesday, January 23rd saw the front-month NYMEX Natural Gas Futures Contract open at $2.336, eight cents below Monday’s closing price of $2.419. Similar to the prior session, bearish forecasts to close out the month knocked down prices overnight. Marking the intraday low of $2.325 minutes after 9:00AM, the contract posted a steady ascent throughout the day as traders await a massive storage pull on Thursday. Crossing midday at $2.373, February marked an intraday high of $2.461 at 2:20PM, closing higher on Tuesday at $2.450.
The EIA Natural Gas Storage Report is due out on Thursday at 10:30AM. The report is expected to show a 331 BCF withdrawal from storage for the week ended January 19th. This compares to an 86 BCF withdrawal this time last year and a five-year average withdrawal amount of 148 BCF.
As of 6:45AM EST this morning in Globex, WTI Crude was down four cents; Natural Gas was up 12 cents; Heating Oil was down one cent; and Gasoline was down one 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.
