Provident Energy Consulting

NYMEX January Gas Rolls Off Board 9.9 Cents Higher At $3.642/MMBtu

The NYMEX January natural gas futures contract rolled off the board 9.9 cents higher Thursday at $3.642/MMBtu.

NYMEX January traded between $3.441/MMBtu and $3.666/MMBtu
Thursday, its last day as the prompt-month contract. It has dropped
about $1 since it peaked at $4.646/MMBtu November 29.
This prompt month settle pulled up with it the subsequent winter
months of February and March, with February up 8.8 cents to settle at
$3.546/MMBtu and March up 7 cents to close at $3.353/MMBtu.
An S&P Global Platts survey of the market showed the US Energy
Information Administration is expected to report a 46-Bcf withdrawal
from natural gas stocks for the week that ended December 21. Survey
responses for the draw ranged from 35 Bcf to 54 Bcf.
December was warmer compared with the previous two
Decembers, S&P Global Platts Analytics data showed. So far this
month, December has averaged 43.2 degrees, with December 2015
being the warmest December in recent years, averaging 45.9 degrees.
Concerns over low gas storage stocks have been alleviated, for the
time being, by limited December demand. Month-to-date demand has
lagged 3.1 Bcf/d from the same time frame in December 2017.
At the sector level, all demand sectors have lagged through
December compared with 2017, with the exception of the industrial
sector, which increased 400 MMcf/d.
Natural gas exports and LNG feedgas have made up for some of
the demand decreases this month, rising 1.7 Bcf/d from last December, with increased LNG feedgas demand constituting 1.5 Bcf/d of this total. Mexican exports rose 200 MMcf/d in December.
On Monday, LNG feedgas demand reached a record 5.3 Bcf/d. Platts
Analytics preliminary flows for Thursday show a return to 5-Bcf/d
levels, forecasting an increase of 500 MMcf/d to 5.1 Bcf.

Source: Platts 2018

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