Wednesday, January 2nd saw the front-month NYMEX Natural Gas Futures Contracts open at $2.936, nearly even to Monday’s closing price of $2.940. Marking the intraday low of $2.905 by 9:20AM, the contract then reversed direction to tally the intraday high of $2.993 at 11:00AM. Breaking below the $3.00 psychological level on Monday and limited short-term demand, traders are waiting for the next weather event to jump above $3.000. February closed higher on Wednesday at $2.958.
The EIA Storage Report for the week ended December 28th, will be published on Friday, January 4th.
This morning in Globex, WTI Crude was up 70 cents; Natural Gas was down seven cents; Heating Oil was up four cents; and Gasoline was up four cents.
Natural Gas Glossary
Natural Gas Supplier
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.