February NYMEX Natural Gas Futures Contract Closed at $2.568 on Tuesday, January 2nd

Tuesday, January 2nd saw the front-month NYMEX Natural Gas Futures Contract open at $2.624, eleven cents above Friday’s closing price of $2.514. Riding the wave of a forecast for bullish temperatures through mid-month, prices recorded the intraday high of $2.631 within minutes of the opening bell. Trending lower to stabilize near $2.545 by 10:30AM, the contract traded sideways into the afternoon. Marking the intraday low of $2.524 ahead of 2:00PM. February closed higher on Tuesday $2.568.

The EIA Natural Gas Storage Report is due out on Thursday at 10:30AM. The report is expected to show a 61 BCF withdrawal from storage for the week ended December 29th. This compares to a 221 BCF withdrawal at this time last year and a five-year average withdrawal amount of 97 BCF.

As of 8:05AM EST this morning in Globex, WTI Crude was up 81 cents; Natural Gas was up six cents; Heating Oil was up five cents; and Gasoline was up two cents.

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.
 

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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.