Wednesday, January 11th saw the February NYMEX Natural Gas Futures Contract open at $3.764, thirteen cents above Tuesday’s closing price of $3.639. Recording the intraday high of $3.769 out of the gate, traders lost all pre-session momentum as prices tumbled to record an intraday low of $3.422 at 10:45AM. Holding out for a shot of arctic temperatures to finish out the month, the latest forecasts are showing bearish conditions until the 24th-26th. Reclaiming lost ground through the afternoon hours, February closed higher on Wednesday at $3.671.
The EIA Natural Gas Storage Report is due out on Thursday at 10:30AM. The report is expected to show a 2 BCF injection to storage for the week ended January 6. This compares to a 179 BCF withdrawal at this time last year and a five-year average withdrawal amount of 151 BCF.
As of 7:30AM EST this morning in Globex, WTI Crude was up $1.03; Natural Gas was up 12 cents; Heating Oil was up slightly; and Gasoline was up three 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.
