Wednesday, February 8th saw the front-month NYMEX Natural Gas Futures Contract open at $2.532 five cents below Tuesday’s closing price of $2.584. Ascending to an intraday high of $2.560 ahead of 9:45AM, bulls were unable to sustain the previous day’s rally as prices withdrew through the morning and well into the afternoon. Crossing midday at $2.431, the contract fell to an intraday low of $2.367 at 1:55PM. March closed lower on Wednesday at $2.396.
The EIA Natural Gas Storage Report is due out on Thursday at 10:30AM. The report is expected to show a 197 BCF withdrawal from storage for the week ended February 3. This compares to a 222 BCF withdrawal at this time last year and a five-year average withdrawal amount of 171 BCF.
As of 6:50AM EST this morning in Globex, WTI Crude was up 11 cents; Natural Gas was down one cent; Heating Oil was down three cents; and Gasoline was unchanged.
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.
