Tuesday, December 5th saw the front-month NYMEX Natural Gas Futures Contract open at $2.747, five cents above Monday’s closing price of $2.694. Jumping to the $2.780 level by 9:15AM, a mildly bullish shift in the latest forecasts provided support as prices reached an intraday high of $2.786 ahead of 10:00AM. Despite expectations for a large storage withdrawal on Thursday, prices withdrew for the balance of the day. Marking an intraday low of $2.675 at 2:15PM, January closed slightly higher on Wednesday at $2.710.
The EIA Natural Gas Storage Report is due out on Thursday at 10:30AM. The report is expected to show a 109 BCF withdrawal from storage for the week ended November 1st. This compares to a 21 BCF withdrawal at this time last year and a five-year average withdrawal amount of 48 BCF.
As of 6:15AM EST this morning in Globex, WTI Crude was down 81 cents; Natural Gas was down one cent; 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.
