February 3, 2023
Thursday, February 2
nd saw the front-month NYMEX Natural Gas Futures Contract open at $2.536 seven cents above Wednesday’s closing price of $2.468. Trading within a narrow band along $2.530 leading up to the weekly storage publication, prices moved gradually higher following the report’s release, achieving an intraday high of $2.597 by 11:15AM. Mild weather conditions in the coming week combined with the growing storage surplus, the contract lost ground in the afternoon. Marking the intraday low of $2.431 at 1:55PM, March closed lower on Thursday at $2.456.
The EIA Natural Gas Storage Report published on Thursday showed a 151 BCF withdrawal from storage for the week ended January 27 – in line with the market estimate of 147 BCF. Total working gas in storage was reported as 2,583 BCF; 9.4% above this time last year and 6.7% above the five-year average.
As of 6:30AM EST this morning in Globex, WTI Crude was down 17 cents; Natural Gas was up slightly; Heating Oil was down one cent; and Gasoline was down one cent.
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.