February NYMEX Natural Gas Futures Contract Closed at $3.471 on Tuesday, January 28th

Tuesday, January 28th saw the front-month NYMEX Natural Gas Futures Contract open at $3.526, down $0.171 compared to Monday’s closing price of $3.697. Knocked down overnight by continued bearish forecasts for February, the contract marked an intraday high of $3.571 at 9:55AM. Trending lower into midday, prices seesawed along $3.510 until the session’s closing minutes. Marking the intraday low of $3.461 at 2:25PM, February closed lower on Tuesday at $3.471.

The more actively traded March contract closed $0.131 lower on Tuesday at $3.122.

The EIA Natural Gas Storage Report is due out Thursday at 10:30AM. The report is expected to show a 320 BCF withdrawal from storage for the week ended January 24. This compares to a 234 BCF withdrawal this time last year and a five-year average withdrawal amount of 189 BCF.

As of 7:45AM this morning in Globex, WTI Crude was down $0.330; Natural Gas was down $0.052; Heating Oil was down $0.003; 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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