February NYMEX Natural Gas Futures Contract Closed at $3.651 on Wednesday, January 8th

Wednesday, January 8th saw the front-month NYMEX Natural Gas Futures Contract open at $3.568, up $0.119 compared to Tuesday’s closing price of $3.449. Ticking higher overnight as forecasts remain supportive, prices rose to $3.660 ahead of 11:00AM though pulled back to $3.620 ahead of the weekly storage publication. Moved up a day early in observance of the National Day of Mourning for former President Jimmy Carter, the bearish midday storage report pointed prices to the intraday low of $3.548. Quick to rebound as traders refocused on current demand and next weeks expected above-average pull, the contract rallied to mark the intraday high of $3.683 at 1:20PM. February closed higher on Wednesday at $3.651.

The EIA Natural Gas Storage Report published on Wednesday showed a 40 BCF withdrawal from storage for the week ended January 3 – below the market estimate of a 48 BCF withdrawal. Total working gas in storage was reported as 3,373 BCF; 0.1% below this time last year and 6.4% above the five-year average.

As of 7:15AM this morning in Globex, WTI Crude was up $0.180; Natural Gas was down $0.074; Heating Oil was up $0.010, and Gasoline was up $0.002.

                                                                                                       
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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