Tuesday, December 13th saw the January NYMEX Natural Gas Futures Contract open at $6.995, forty-one cents above Monday’s closing price of $6.587. Chopping around either side of $7.025 through the morning hours, supported forecasts for winter to finally arrive to close out the month drove prices higher overnight once again. Tallying the intraday high $7.105 at 10:15AM, the contract moved lower in the afternoon to record an intraday low of $6.816 at 2:15PM. January closed higher on Tuesday at $6.935.
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 7:25AM EST this morning in Globex, WTI Crude was up 59 cents; Natural Gas was down 26 cents; Heating Oil was up seven cents; and Gasoline was up 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.
