February NYMEX Natural Gas Futures Contracts Closed at $3.232 on Wednesday, January 17th

Wednesday, January 17th saw the front-month NYMEX Natural Gas Futures Contracts open at $3.196, nearly seven cents above Tuesday’s closing price of $3.129.  Slipping to the intraday low of $3.156 in the first hour of trading, prices then soared higher, supported by technical trading and a large withdrawal expected in today’s EIA Storage Report.  Recording nearly a nine-month intraday high of $3.288 at 11:20AM, choppy trading in the afternoon saw the contract finish higher on Wednesday as February closed at $3.232.

The EIA Natural Gas Storage Report is due out at 10:30AM today.  The report is expected to show a 196 BCF withdrawal from storage for the week ended January 12th.  This compares to a 243 BCF withdrawal at this time last year and a five-year average withdrawal amount of 203 BCF.

This morning in Globex, WTI Crude was unchanged; Natural Gas was down four cents; Heating Oil was down one cent; and, Gasoline was up slightly.

Natural Gas Glossary
                                                                                                 
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.
 

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.