Wednesday, February 9th saw the front-month NYMEX Natural Gas Futures Contract open at of $4.051, twenty cents below Tuesday’s closing price of $4.248. Reaching the intraday high of $4.064 ahead of 10:00AM, updated weather forecasts showing a reduction to expected heating demand diminished prices throughout the day. Losing most of its value overnight, the contract slipped to a two-week intraday low of $3.983 at midday, ultimately closing lower at $4.009.
The EIA Natural Gas Storage Report is due out on Thursday at 10:30AM. The report is expected to show a 211 BCF withdrawal from storage for the week ended February 4. This compares to a 171 BCF withdrawal at this time last year and a five-year average withdrawal amount of 150 BCF.
As of 6:40AM EST this morning in Globex, WTI Crude was up 97 cents; Natural Gas was down two cents; Heating Oil was up two cents; and Gasoline was up two 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.
