January 11, 2019
Thursday, January 10th
saw the front-month NYMEX Natural Gas Futures Contracts open at $3.080, nearly ten cents above Wednesday's closing price of $2.984. Marking the intraday high of $3.082 as markets opened, prices soon moved lower, finding support near $3.030 by 9:30AM. Trading sideways in the hour leading up to the EIA storage report, the contract spiked as high as $3.066 as the report was published. Trending lower over the balance of the session, February closed lower on Thursday at $2.969.
The EIA Natural Gas Storage Report published on Thursday showed a 91 BCF withdrawal from storage for the week ended January 4th - above the market estimate of 80 BCF. This withdrawal includes a reclassification of 4 BCF from working gas to base gas. Total working gas in storage was reported as 2,614 BCF; 7.2% below this time last year and 15.1% below the five-year average.
This morning in Globex, WTI Crude was down 32 cents; Natural Gas was up eight cents; Heating Oil was down one cent; and Gasoline was down one cent.
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Sprague Resources LP published this content on 11 January 2019 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 11 January 2019 15:08:03 UTC