January 12, 2023
Wednesday, January 11
th saw the February NYMEX Natural Gas Futures Contract open at $3.764, thirteen cents above Tuesday’s closing price of $3.639. Recording the intraday high of $3.769 out of the gate, traders lost all pre-session momentum as prices tumbled to record an intraday low of $3.422 at 10:45AM. Holding out for a shot of arctic temperatures to finish out the month, the latest forecasts are showing bearish conditions until the 24
th-26
th. Reclaiming lost ground through the afternoon hours, February closed higher on Wednesday at $3.671.
The EIA Natural Gas Storage Report is due out on Thursday at 10:30AM. The report is expected to show a 2 BCF injection to storage for the week ended January 6. This compares to a 179 BCF withdrawal at this time last year and a five-year average withdrawal amount of 151 BCF.
As of 7:30AM EST this morning in Globex, WTI Crude was up $1.03; Natural Gas was up 12 cents; Heating Oil was up slightly; and Gasoline was up three cents.
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.
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.