Wednesday, December 13th saw the front-month NYMEX Natural Gas Futures Contract open at $2.321, a penny above Tuesday’s closing price of $2.311. With the latest forecasts calling for continued bearish weather and production holding steady, prices fell to the intraday low of $2.285 at 9:25AM. Tallying the intraday high of $2.385 just ahead of midday, the contract traded along the $2.350 level throughout the afternoon. January closed higher on Wednesday at $2.335.
The EIA Natural Gas Storage Report is due out on Thursday at 10:30AM. The report is expected to show a 60 BCF withdrawal from storage for the week ended December 8th. This compares to a 50 BCF withdrawal at this time last year and a five-year average withdrawal amount of 81 BCF.
As of 6:20AM EST this morning in Globex, WTI Crude was up $1.27; Natural Gas was up two cents; Heating Oil was up four cents; and Gasoline was up four 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.
