Tuesday, January 30th saw the front-month NYMEX Natural Gas Futures Contract open at $2.081, three cents above Monday’s closing price of $2.054. Trading along the $2.070 level throughout the morning, marking the intraday low of $2.057 at 10:15AM, recovering production and moderate forecasts have kept a lid on any rallies. Clambering higher to tally the intraday high of $2.119 shortly after midday, the contract arced lower once again to finish out the day as March closed higher on Tuesday at $2.077.
The EIA Natural Gas Storage Report is due out on Thursday at 10:30AM. The report is expected to show a 209 BCF withdrawal from storage for the week ended January 26th. This compares to a 151 BCF withdrawal this time last year and a five-year average withdrawal amount of 185 BCF.
As of 6:05AM EST this morning in Globex, WTI Crude was down 84 cents; Natural Gas was down two cents; Heating Oil was down two cents; and Gasoline was down two 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.
