February NYMEX Natural Gas Futures Contract Closed at $3.067 on Wednesday, January 25th

Wednesday, January 25th saw the February NYMEX Natural Gas Futures Contract open at $3.090, nearly seventeen cents below Tuesday’s closing price of $3.258. Tallying a 18-month intraday low of $3.055 withing minutes of the open, prices then rose in an attempt to stave off any additional losses. Marking the intraday high of $3.187 ahead of 11:00AM, mild weather conditions combined with healthy production have left the bulls with nowhere to run. Sinking lower into the afternoon, February closed lower on Wednesday at $3.067.

The more actively traded March closed fourteen cents lower on Wednesday at $2.915.

The EIA Natural Gas Storage Report is due out on Thursday at 10:30AM. The report is expected to show an 87 BCF withdrawal from storage for the week ended January 20. This compares to a 219 BCF withdrawal at this time last year and a five-year average withdrawal amount of 185 BCF.

As of 7:05AM EST this morning in Globex, WTI Crude was up 70 cents; Natural Gas was down 22 cents; Heating Oil was down one cent; and Gasoline was up slightly.

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.