February NYMEX Natural Gas Futures Contract Closed at $3.586 on Tuesday, January 17th

Tuesday, January 17th saw the February NYMEX Natural Gas Futures Contract open at $3.691, twenty-seven cents above Friday’s closing price of $3.419. Marking the intraday high of $3.767 within minutes of the open, news of below-average temperatures arriving to close out the month provided support. Trading along $3.735 through midday, prices trended lower in the afternoon. Recording an intraday low of $3.556 at 12:35PM, February closed higher on Tuesday at $3.586.

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 January 13. This compares to a 206 BCF withdrawal at this time last year and a five-year average withdrawal amount of 156 BCF.

As of 7:35AM EST this morning in Globex, WTI Crude was up $1.53; Natural Gas was down 21 cents; Heating Oil was up four cents; and Gasoline was up four 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.