February NYMEX Natural Gas Futures Contract Closed at $3.697 on Monday, January 27th

Monday, January 27th saw the front-month NYMEX Natural Gas Futures Contract open at $3.763, down $0.264 compared to Friday’s closing price of $4.027. Recording the intraday high of $3.766 within minutes of the opening bell, the contract continued its retreat throughout the morning. Updated forecasts showed a notable reduction to expected HDDs for the last week of January, as prices fell to the intraday low of $3.609 at midday. Shrugging off the Freeport LNG terminal coming back online, February closed lower on Monday at $3.697; down 8% on the day.

The EIA Natural Gas Storage Report published last Thursday showed a 223 BCF withdrawal from storage for the week ended January 17 – in line with the market estimate of a 245 BCF withdrawal. Total working gas in storage was reported as 2,892 BCF; 1.9% below this time last year and 0.7% above the five-year average.

As of 6:35AM this morning in Globex, WTI Crude was up $0.410; Natural Gas was down $0.063; Heating Oil was up $0.007; and Gasoline was up $0.015.

                                                                                                       
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

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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.

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