Wednesday, January 31st saw the front-month NYMEX Natural Gas Futures Contract open at $2.130, six cents above Tuesday’s closing price of $2.077. Trading along $2.110 through 10:00AM, prices fell to an intraday low of $2.094 at 10:15AM and would touch this mark again ahead of closing. Whispers of an end of month return to arctic conditions caught trader’s attention heading into midday as the contract tallied the intraday high of $2.158 at 11:35AM. Trending lower into the afternoon, March closed higher on Wednesday at $2.100.
The EIA Natural Gas Storage Report is due out on Thursday at 10:30AM. The report is expected to show a 200 BCF withdrawal from storage for the week ended January 26th. This compares to a 151 BCF withdrawal this time last year and a five-year average withdrawal amount of 185 BCF.
As of 8:15AM EST this morning in Globex, WTI Crude was up 73 cents; Natural Gas was up one cent; Heating Oil was up two 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.
