Tuesday, December 6th saw the January NYMEX Natural Gas Futures Contract open at $5.472, nearly eleven cents below Monday’s closing price of $5.577. Ascending to the intraday high of $5.634 ahead of 10:00AM, overnight updates to both the American and European weather models showed additional heating degree days being shed from the forecast. Reaching the intraday low of $5.397 at 11:20AM, the contract traded along either side of $5.450 for the balance of the day as January closed lower on Tuesday at $5.469.
The EIA Natural Gas Storage Report is due out on Thursday at 10:30AM. The report is expected to show a 20 BCF withdrawal from storage for the week ended December 2. This compares to a 59 BCF withdrawal at this time last year and a five-year average withdrawal amount of 49 BCF.
As of 7:45AM EST this morning in Globex, WTI Crude was unchanged; Natural Gas was up 20 cents; Heating Oil was up slightly; and Gasoline was down 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.
