February NYMEX Natural Gas Futures Contract Closed at $5.045 on Thursday, January 22nd

January 23, 2026

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Thursday, January 22nd saw the front-month NYMEX Natural Gas contract open at $5.286, $0.411 above Wednesday’s closing price of $4.875; up 57.1% since Friday. Achieving a fresh three-year intraday high of $5.650 at 10:15AM, prices stabilized near $5.500 ahead of the weekly storage publication. Trading sideways following the bearish storage injection, the contract then withdrew heading into midday. Having priced in the upcoming winter storm, prices fell to an intraday low of $4.900 at 1:55PM. February closed higher on Thursday at $5.045.

The EIA Natural Gas Storage Report published on Thursday posted a 120 BCF withdrawal from storage for the week ended January 16 – greater than the market estimate of a 90 BCF withdrawal. Total working gas in storage was reported as 3,065 BCF; 4.8% above this time last year and 6.1% above the five-year average.

As of 6:25AM this morning in Globex, WTI Crude was up $0.980; Natural Gas was down $0.048; Heating Oil was up $0.034; and Gasoline was up $0.014.

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.

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