March NYMEX Natural Gas Futures Contract Closed at $3.352 on Monday, February 3rd

Monday, February 3rd saw the front-month NYMEX Natural Gas Futures Contract open at $3.304, up $0.260 compared to Friday’s closing price of $3.044. Gapping higher over the weekend, analysts pointed to the recently discounted front-month that had drifted into oversold territory. Marking the intraday low of $3.293 minutes after the opening bell, prices edged gradually higher throughout the session to reach an intraday high of $3.399 at 12:45PM. March closed higher on Monday at $3.352.

The EIA Natural Gas Storage Report published last Thursday showed a 321 BCF withdrawal from storage for the week ended January 24 – in line with the market estimate of a 320 BCF withdrawal. Total working gas in storage was reported as 2,571 BCF; 5.3% below this time last year and 4.1% above the five-year average.

As of 7:00AM this morning in Globex, WTI Crude was down $1.380; Natural Gas was down $0.127; Heating Oil was down $0.048; and Gasoline was down $0.055.

                                                                                                       
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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