Wednesday, January 29th – settlement day for the February Contract – saw the front-month NYMEX Natural Gas Futures Contract open at $1.895, four cents below Tuesday’s closing price of $1.934. In a light day of trading, the February contract traded along either side of $1.895 for the majority of the day. Touching an intraday high of $1.905 at 12:40PM, prices then fell to a fresh multi-year intraday low of $1.858 as February settled lower on Wednesday at $1.877. The more actively traded March contract recorded an intraday high of $1.883 soon after the markets opened, prices then fell to an intraday low of $1.858 at 9:50AM. Trading within two cents of $1.870 for the balance of the session, March closed lower at $1.865.
The EIA Natural Gas Storage Report is due out at 10:30AM today. The report is expected to show a 205 BCF withdrawal from storage for the week ended January 24th. This compares to a 173 BCF withdrawal at this time last year and a five-year average withdrawal amount of 143 BCF.
As of 8:40AM EST this morning in Globex, WTI Crude was down 96 cents; Natural Gas was down three cents; Heating Oil was down four cents; and Gasoline was down four cents.
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.