February NYMEX Natural Gas Futures Contract Closed at $1.934 on Tuesday, January 28th

Tuesday, January 28th saw the front-month NYMEX Natural Gas Futures Contract open at $1.925, two cents above Monday’s closing price of $1.902.  Slipping to an intraday low of $1.914 early on, prices rose steadily through the morning hours to peak above $1.950 ahead of midday.  Given the market’s ample supply and today’s settlement for the February contract, traders are likely squaring positions ahead of settlement and Thursday’s storage report.  There are whispers of below average temperatures arriving in early February, but without an extended cold spell, it is not likely that we will see a drastic change in pricing as many of winter’s heaviest heating degree days are now behind us.  Trading along $1.940 into the afternoon, a quick jump to an intraday high of $1.952 at 2:10PM then saw February close higher on the day at $1.934.

As of 8:45AM EST this morning in Globex, WTI Crude was up 49 cents; Natural Gas was down four cents; Heating Oil was up one cent; and Gasoline was up two cents. 

Natural Gas Glossary
Natural Gas Supplier
                                                                                                 
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.