Tuesday, February 13th saw the front-month NYMEX Natural Gas Futures Contract open at $1.742, nearly three cents below Monday’s closing price of $1.768. Once again recording the intraday high, $1.743, within minutes of the opening bell, prices then moved decidedly lower as daily forecasts continue to trend progressively bearish. Stabilizing near $1.670 by 9:45AM, the contract traded sideways into the afternoon. Testing more than three-year lows, March tallied the intraday low of $1.654 at 12:30PM and closed lower on Tuesday at $1.689.
The EIA Natural Gas Storage Report is due out on Thursday at 10:30AM. The report is expected to show a 65 BCF withdrawal from storage for the week ended February 9th. This compares to a 100 BCF withdrawal this time last year and a five-year average withdrawal amount of 149 BCF.
As of 6:25AM EST this morning in Globex, WTI Crude was up 13 cents; Natural Gas was down two cents; Heating Oil was up one cent; and Gasoline was up 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.
