Tuesday, February 6th saw the front-month NYMEX Natural Gas Futures Contract open at $2.052, three cents below Monday’s closing price of $2.082. Recording the intraday high of $2.053 within minutes of the open, the contract fluctuated along the $2.030 level for most of the day traders focused on near-term light heating demand and this week’s expected light storage pull. Marking the intraday low of $2.004 ahead of 2:30PM, March closed lower on Tuesday at $2.009.
The EIA Natural Gas Storage Report is due out on Thursday at 10:30AM. The report is expected to show a 71 BCF withdrawal from storage for the week ended February 2nd. This compares to a 217 BCF withdrawal this time last year and a five-year average withdrawal amount of 193 BCF.
As of 6:50 AM EST this morning in Globex, WTI Crude was up 63 cents; Natural Gas was up one cent; Heating Oil was up four cents; and Gasoline was up 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.
