February NYMEX Natural Gas Futures Contract Closed at $3.449 on Tuesday, January 7th

Tuesday, January 7th saw the front-month NYMEX Natural Gas Futures Contract open at $3.544, down $0.128 compared to Monday’s closing price of $3.672. With widespread cold and impending OFO’s already built into the current price, an overnight shift in weather models led to the contract pulling back. Recording the intraday high of $3.607 at 9:45AM, prices pulled back ahead midday to trade at $3.492. Marking the intraday low of $3.443 ahead of 2:30PM, February closed lower on Tuesday at $3.449.

The EIA Natural Gas Storage Report is due out Wednesday at 12:00PM, moved up a day in for a National Day of Mourning for former President Jimmy Carter. The report is expected to show a 48 BCF withdrawal from storage for the week ended January 3. This compares to a 140 BCF withdrawal this time last year and a five-year average withdrawal amount of 67 BCF.

As of 6:55AM this morning in Globex, WTI Crude was up $0.350; Natural Gas was up $0.183; Heating Oil was down $0.009, and Gasoline was down $0.005.

                                                                                                 
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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