February NYMEX Natural Gas Futures Contracts Closed at $3.099 on Thursday, January 24th

Thursday, January 24th saw the front-month NYMEX Natural Gas Futures Contracts open at $3.101, twelve cents above Wednesday’s closing price of $2.980.  Bouncing back from the previous session’s selloff, prices traded steadily along the $3.090 level through 10:30AM.  Falling to the intraday low of $3.052 in the minutes following the weekly storage release, the contract then reversed direction to surpass $3.140 an hour later.  Markets are currently digesting forecasts for another cold snap that will enter the northeast at the end of the month and span into the first week of February before turning mild once again.  Recording the intraday high of $3.156 ahead of 1:00PM, February closed higher on Thursday at $3.099.

The EIA Natural Gas Storage Report published on Thursday showed a 163 BCF withdrawal from storage for the week ended January 18th – even with the market estimate of 162 BCF.  Total working gas in storage was reported as 2,370 BCF; 1.4% above this time last year and 11.4% below the five-year average.
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.