January NYMEX Natural Gas Futures Contract Closed at $3.378 on Wednesday, December 11th

Wednesday, December 11th saw the front month NYMEX Natural Gas Futures Contract open at $3.277, up $0.114 compared to Tuesday’s closing price of $3.163. Marking the intraday low of $3.261 within minutes of the opening bell, the contract found support in the form of a bullish shift to forecasts overnight. Stabilizing near $3.370 by 11:00AM, traders also weighed the impact of the season’s first triple-digit storage withdrawal. Reaching an intraday high of $3.404 ahead of 2:30PM, January closed higher on Wednesday at $3.378.

The EIA Natural Gas Storage Report is due out Thursday at 10:30AM. The report is expected to show a 163 BCF withdrawal from storage for the week ended December 6. This compares to a 117 BCF withdrawal this time last year and a five-year average withdrawal amount of 71 BCF.

As of 7:20AM this morning in Globex, WTI Crude was up $0.05; Natural Gas was down $0.020; Heating Oil was up $0.006, and Gasoline was up $0.001.

                                                                                                       
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

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This market update is provided for information purposes only and is not intended as advice on any transaction nor is it a solicitation to buy or sell commodities. Sprague makes no representations or warranties with respect to the contents of such news, including, without limitation, its accuracy and completeness, and Sprague shall not be responsible for the consequence of reliance upon any opinions, statements, projections and analyses presented herein or for any omission or error in fact. The views expressed in this material are through the period as of the date of this report and are subject to change based on market and other conditions. This document contains certain statements that may be deemed forward-looking statements. Please note that any such statements are not guarantees of any future performance or results and actual results or developments may differ materially from those projected. The whole or any part of this work may not be reproduced, copied, or transmitted or any of its contents disclosed to third parties without Sprague’s express written consent.

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