Thursday, January 19th saw the February NYMEX Natural Gas Futures Contract open at $3.289, two cents below Wednesday’s closing price of $3.311. Trading along either side of $3.310 through 10:30AM, prices spiked to an intraday high of $3.379 as the report hit the wire. Trending lower soon thereafter, the contract traded largely sideways along $3.270 into the afternoon. Marking the intraday low of $3.224 at 2:15PM, February closed lower on Thursday at $3.275.
The EIA Natural Gas Storage Report published on Thursday showed an 82 BCF withdrawal from storage for the week ended January 13 – above the market estimate of 73 BCF. Total working gas in storage was reported as 2,820 BCF; 0.7% below this time last year and 1.2% above the five-year average.
As of 8:05AM EST this morning in Globex, WTI Crude was up 51 cents; Natural Gas was down three cents; Heating Oil was up three cents; 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.
