Monday, January 29th saw the front-month NYMEX Natural Gas Futures Contract open at $2.484, twenty-three cents below Friday’s closing price of $2.712. In a light day of trading for the front-month, February settled lower at $2.490.
The more actively traded March contract opened at $2.110, six cents below Friday’s closing price of $2.175. Peaking at an intraday high of $2.120 multiple times before 10:00AM, forecasts for mild demand persisting into mid-month and healthy production directed prices lower. Marking the intraday low of $2.047 ahead of 2:30PM, March closed lower on Monday at $2.054.
The EIA Natural Gas Storage Report published last Thursday showed a 326 BCF withdrawal from storage for the week ended January 19 – on par with the market estimate 331 BCF. Total working gas in storage was reported as 2,856 BCF; 4.0% above this time last year and 5.2% above the five-year average.
As of 7:35AM EST this morning in Globex, WTI Crude was down 47 cents; Natural Gas was up two cents; Heating Oil was down five cents; and Gasoline was down four 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.
