February NYMEX Natural Gas Futures Contract Closed at $2.980 on Monday, January 8th

Monday, January 8th saw the front-month NYMEX Natural Gas Futures Contract open at $2.753, fourteen cents below Friday’s closing price of $2.893. Touching base with market fundamentals early on, with ample storage, prices recorded the intraday low of $2.694. Refocusing on the more-exciting cold snap in the coming weeks, the contract rose confidently for the balance of the day. Reaching the intraday high of $2.984 ahead of 2:30PM, February closed higher on Monday at $2.980.

The EIA Natural Gas Storage Report published last Thursday showed a 14 BCF withdrawal from storage for the week ended December 29 – below the market estimate 38 BCF. Total working gas in storage was reported as 3,476 BCF; 18.9% above this time last year and 13.0% above the five-year average.

As of 6:55AM EST this morning in Globex, WTI Crude was up $1.63; Natural Gas was up eight cents; Heating Oil was up six cents; and Gasoline was up six cents.
                                                                                                       
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.