January 10, 2020
Thursday, January 9
th saw the front-month NYMEX Natural Gas Futures Contract open at $2.123, two cents below Wednesday’s closing price of $2.141. Trading alongside $2.135 through 10:00AM, prices then shed a penny as the weekly storage report approached. Sinking to a five-month intraday low of $2.105 as the bearish publication hit the wire, the contract was quick to recoup its losses and continue higher. Crossing midday near $2.150, February then continued upward to an intraday high of $2.170 at 2:20PM, closing higher on Thursday at $2.166.
The EIA Natural Gas Storage Report published on Thursday showed a 44 BCF withdrawal from storage for the week ended January 3
rd – below the market estimate of 52 BCF. Total working gas in storage was reported as 3,148 BCF: 19.8% above this time last year and 2.4% below the five-year average.
As of 8:50AM EST this morning in Globex, WTI Crude was down 21 cents; Natural Gas was up three cents; Heating Oil was down slightly; and Gasoline up one cent.
Natural Gas Glossary
Natural Gas Supplier
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.