February NYMEX Natural Gas Futures Contract Closed at $2.944 on Thursday, January 26th

Thursday, January 26th saw the February NYMEX Natural Gas Futures Contract open at $2.830, twenty-four cents below Wednesday’s closing price of $3.067. Testing 18-month lows early on, prices bounced around the $2.830 level leading up to the weekly storage report. Jumping to $2.867 as the weekly storage report hit the wire, paling in comparison to last year’s 217 BCF draw, the contract slipped to $2.761 at midday; the lowest intraday mark since late-spring 2021. Recovering into the afternoon, February marked an intraday high of $2.944 at 1:10PM and proceeded to close lower at $2.944.

The more actively traded March contract closed seven cents lower on Wednesday at $2.848.

The EIA Natural Gas Storage Report published on Thursday showed a 91 BCF withdrawal from storage for the week ended January 20 – in line with the market estimate of 87 BCF. Total working gas in storage was reported as 2,729 BCF; 4.1% above this time last year and 4.9% above the five-year average.

As of 6:15AM EST this morning in Globex, WTI Crude was up $1.24; Natural Gas was down five cents; Heating Oil was up three cents; and Gasoline was up three 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.