Wednesday, January 29th saw the front-month NYMEX Natural Gas Futures Contract open at $3.410, down $0.061 compared to Tuesday’s closing price of $3.471. Posting a gradual ascent throughout the day, February settled higher on Wednesday at $3.535.
Ready to assume the front-month position, the March contract opened $3.115, down $0.007 from Tuesday’s closing price of $3.122. Knocked down overnight by above average forecasts for the first week of February, prices fell to the intraday low of $3.099 at 11:15AM. The contract posted an afternoon rally that peaked at an intraday high of $3.192, as March closed higher on Wednesday at $3.170.
The EIA Natural Gas Storage Report is due out Thursday at 10:30AM. The report is expected to show a 320 BCF withdrawal from storage for the week ended January 24. This compares to a 234 BCF withdrawal this time last year and a five-year average withdrawal amount of 189 BCF.
As of 7:30AM this morning in Globex, WTI Crude was down $0.150; Natural Gas was up $0.019; Heating Oil was down $0.003; and Gasoline was down $0.007.
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
