Thursday, February 13th saw the front-month NYMEX Natural Gas Futures Contract open at $1.861, two cents above Wednesday’s closing price of $1.844. Trending lower through the day’s opening ninety minutes, the weekly storage report drove prices to a momentary intraday high of $1.869 at 10:30AM. Falling to the $1.800 level nearly an hour later, short-term frigid forecasts have provided support this week, coming off last week’s multi-year low. Recording an intraday low of $1.823 ahead of 2:30PM, March closed lower on Thursday at $1.826.
The EIA Natural Gas Storage Report published on Thursday showed a 115 BCF withdrawal from storage for the week ended January 31st – above the market estimate of 110 BCF. Total working gas in storage was reported as 2,494 BCF: 31.7% above this time last year and 9.4% above the five-year average.
As of 8:50AM EST this morning in Globex, WTI Crude was up 51 cents; Natural Gas was up one cent; Heating Oil was unchanged; and Gasoline was up slightly.
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.
