Wednesday, December 14th saw the January NYMEX Natural Gas Futures Contract open at $6.639, thirty cents below Tuesday’s closing price of $6.935. Marking the intraday high of $6.708 within minutes of the open, weakened overnight forecasts directed prices lower. Trading along the $6.600 level until 11:00AM, prices trended downward to reach an intraday low of $6.337 at 12:15PM. January closed lower on Wednesday at $6.430.
The EIA Natural Gas Storage Report is due out on Thursday at 10:30AM. The report is expected to show a 56 BCF withdrawal from storage for the week ended December 9. This compares to an 88 BCF withdrawal at this time last year and a five-year average withdrawal amount of 93 BCF.
As of 7:10AM EST this morning in Globex, WTI Crude was up 17 cents; Natural Gas was up six cents; Heating Oil was down three cents; and Gasoline was down one cent.
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.
