February NYMEX Natural Gas Futures Contracts Closed at $2.984 on Wednesday, January 9th

Wednesday, January 9th saw the front-month NYMEX Natural Gas Futures Contracts open at $2.963, nearly even to Tuesday’s closing price of $2.967.  Seesawing within a tight band near $2.960 through 11:00AM, prices then stepped cautiously upwards to tally the intraday high of $3.016 shortly after midday.  The $3.00 mark has proven to be a level of support over the past ten days as traders await the next weather catalyst.  February closed higher on Wednesday at $2.984.

The EIA Natural Gas Storage Report is due out at 10:30AM today.  The report is expected to show an 80 BCF withdrawal from storage for the week ended January 4th.  This compares to a 359 BCF withdrawal at this time last year and a five-year average withdrawal amount of 203 BCF.

As of 7:00AM this morning in Globex, WTI Crude was down 45 cents; Natural Gas was up five cents; Heating Oil was down slightly; and Gasoline was down slightly.
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.

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.