February NYMEX Natural Gas Futures Contract Closed at $2.697 on Thursday, January 18th

Thursday, January 18th saw the front-month NYMEX Natural Gas Futures Contract open at $2.824, five cents below Wednesday’s closing price of $2.870. Trading marginally higher to record the intraday high of 2.845 at 9:25AM, prices then returned to trade along $2.800 ahead of the weekly storage publication.  Sinking as low as $2.722 as the report’s withdrawal failed to impress, a modest rally heading into midday ultimately gave way as selling dominated the afternoon. Recording the intraday low of $2.666 at 2:00PM, February closed lower on Thursday at $2.697.

The EIA Natural Gas Storage Report published on Thursday showed a 154 BCF withdrawal from storage for the week ended January 12 – below the market estimate 176 BCF. Total working gas in storage was reported as 3,182 BCF; 12.4% above this time last year and 11.2% above the five-year average.

As of 7:00AM EST this morning in Globex, WTI Crude was down seven cents; Natural Gas was down eight cents; Heating Oil was up 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.