March NYMEX Natural Gas Futures Contract Closed at $2.564 on Friday, January 29th

Friday, January 29th saw the front-month NYMEX Natural Gas Futures Contract open at $2.658, slightly below Thursday’s closing price of $2.664.  Ascending to an intraday high of $2.695 by 9:45AM, warming forecasts quickly put a damper on any bullish support.  Trending lower near 10:30AM, the contract crossed midday near $2.630 and continued to an intraday low of $2.556 ahead of closing.  March closed lower on Friday at $2.564.

The EIA Natural Gas Storage Report published on Thursday showed a 128 BCF withdrawal from storage for the week ended January 22nd – below the market estimate expectation of 141 BCF. Total working gas in storage was reported as 2,881 BCF; 2.8% above this time last year and 9.3% above the five-year average.

As of 7:10AM EST this morning in Globex, WTI Crude was up 55 cents; Natural Gas was up 20 cents; Heating Oil was up three cents; and Gasoline was up three cents.

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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.

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