March NYMEX Natural Gas Futures Contract Closed at $3.309 on Friday, February 7th

Friday, February 7th saw the front-month NYMEX Natural Gas Futures Contract open at $3.398, down $0.010 compared to Thursday’s closing price of $3.408. Attaining the intraday high of $3.410 within minutes of the opening bell, the contract hovered near $3.390 through 10:30AM. Posting a gradual descent soon thereafter, profit-taking drove prices lower into the afternoon despite forecasts for increased demand next week. Marking the intraday low of $3.306 ahead of 2:30PM, March closed lower on Friday at $3.309; up 8.7% on the week.

The EIA Natural Gas Storage Report published last Thursday posted a 174 BCF withdrawal from storage for the week ended January 31 – in line with the market estimate of a 179 BCF withdrawal. Total working gas in storage was reported as 2,397 BCF; 8.0% below this time last year and 4.4% below the five-year average.

As of 7:25AM this morning in Globex, WTI Crude was up $0.920; Natural Gas was up $0.109; Heating Oil was up $0.031; and Gasoline was up $0.016.

                                                                                                       
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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