Natural Gas Market Update

Today’s storage report came in at a whopping -190 Bcf withdrawal for the week ending Dec 6, clearly on the more extreme side of the range of expectations. After the report released, natural gas prices jumped up, but settled only 9 cents up to a close of $3.48 US/mm. Even with this big withdrawal, storage […]

In yesterday’s update, we reported just one estimate for tomorrow’s EIA storage report for the week ending December 6th to be a withdrawal of -138 Bcf. However, there is actually a wide range of estimates this time around, ranging from the -120’s to -190’s. Earlier this week, the most conservative estimate was a withdrawal of

Some volatility today as the NYMEX front month contract opened at $3.19 USD/mm, swung down to a low of $3.07, then came right back up to where we started at $3.19. December trading so far is looking like a sideways market now that temperature forecasts are more mild. An early forecast for the upcoming storage

Welcome to the second week of December. The market opened relatively high, with the January front month contract opening about 20 cents higher than Friday’s close last week, but prices fell by about 8 cents today to reach $3.18 USD/mm. Still up from last week, but the price is not running away. Incoming temperatures in

Yesterday, we were looking at an expected withdrawal of -38 bcf for the week ending November 29 according to one source.  Today we saw an expected withdrawal of -43, ranging from -30 to -57.  The report came in this morning at -30.  Demand was lower than expected, so less gas was withdrawn. Compare this to

Happy Wednesday. Another interesting day for the NYMEX January front month contract.  After hitting a high of $3.64 US/mm on Friday November 22nd, we traded down to $2.98 before bouncing up to $3.06.  Markets are looking ahead to the EIA storage report tomorrow, when expectations are for a -38bcf withdrawal for the week ending Nov

By the end of the day, the January NYMEX front month contract closed at $3.04 USD/mm. Early expectations for this Thursday’s storage report are a withdrawal of -38 bcf, a clear indicator of the lower 48’s growing heating demand throughout late November as that cold wave began to approach (and is still present in the

Welcome to December. The January NYMEX front month contract opened at $3.22 USD/mm, much closer to Friday’s open than its close (despite the rally that day). It was a steady day of trading, the price only decreasing by about two cents (today’s close is $3.20). So far, the December 2024 contract has been trending down.

NYMEX trading has resumed, pushing the January front month contract up 14 American cents, and mostly offsetting Wednesday’s sell off. Stay tuned though, because it being the Friday after Thanksgiving means that this may not be a reliable reflection of the market’s direction in the coming days, Monday’s activity will be a better indicator. As

Today’s storage report came in as expected; last week had a net withdrawal of -2 bcf in the lower 48 states. In total, there is 3,967 bcf of working gas in storage, which is still well above last year’s level of 3,833 bcf and the 5-year average of 3,700 bcf. This total is still teetering