January NYMEX Natural Gas Futures Contract Closed at $6.970 on Thursday, December 15th

Thursday, December 15th saw the January NYMEX Natural Gas Futures Contract open at $6.464, three cents above Wednesday’s closing price of $6.430. Recording the intraday low of $6.454 soon after the open, prices rose to the $6.700 level ahead of the weekly storage report at 10:30AM. Retreating below $6.500 in the hour following the report, the contact surged higher into the after as heating demand continues to fuel the latest rally.  Recording a two-week intraday high of $7.036 by 1:15PM, January closed higher on Thursday at $6.970.

The EIA Natural Gas Storage Report published on Thursday showed a 50 BCF withdrawal from storage for the week ended December 9 – in line with the market estimate of 56 BCF. Total working gas in storage was reported as 3,412 BCF; 0.5% below this time last year and 0.4% below the five-year average.

As of 7:15AM EST this morning in Globex, WTI Crude was down $1.57; Natural Gas was down 39 cents; Heating Oil was down six cents; and Gasoline was down three 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.
 

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This market update is provided for information purposes only and is not intended as advice on any transaction nor is it a solicitation to buy or sell commodities. Sprague makes no representations or warranties with respect to the contents of such news, including, without limitation, its accuracy and completeness, and Sprague shall not be responsible for the consequence of reliance upon any opinions, statements, projections and analyses presented herein or for any omission or error in fact. The views expressed in this material are through the period as of the date of this report and are subject to change based on market and other conditions. This document contains certain statements that may be deemed forward-looking statements. Please note that any such statements are not guarantees of any future performance or results and actual results or developments may differ materially from those projected. The whole or any part of this work may not be reproduced, copied, or transmitted or any of its contents disclosed to third parties without Sprague’s express written consent.

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