March NYMEX Natural Gas Futures Contract Closed at $2.845 on Tuesday, February 2nd

Tuesday, February 2nd saw the front-month NYMEX Natural Gas Futures Contract open at $2.987, fourteen cents above Monday’s closing price of $2.850.  Touching a near three month intraday high of $2.995 soon after the opening bell, prices cascaded lower through the morning.  Despite below average temperatures and the current snowstorm, ample supply and the fact that we’re trading the March contract made it hard to sustain the recent rally.  Trading near $2.920 at noon, selling dominated the afternoon as prices fell to an intraday low of $2.833 at 2:20PM.  March closed lower on Tuesday at $2.845.

As of 7:30AM EST this morning in Globex, WTI Crude was up 46 cents; Natural Gas was up slightly; Heating Oil was up one cent; and Gasoline was up three cents.

Natural Gas Glossary
Natural Gas Supplier
                                                                                                       
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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.