March NYMEX Natural Gas Futures Contract Closed at $2.863 on Friday, February 5th

Friday, February 5th saw the front-month NYMEX Natural Gas Futures Contract open at $3.030, nearly ten cents above Thursday’s closing price of $2.935.  Reaching an intraday high of $3.053 as the weather-induced overnight rally found its peak, support soon faded as doubts about lingering cold drove out buyers.  Cascading lower to cross midday near $2.950, the contract fell to an intraday low of $2.860 ahead of closing.  March finished lower on Friday at $2.863.

The EIA Natural Gas Storage Report published on Thursday showed a 192 BCF withdrawal from storage for the week ended January 29th – in line with the market estimate expectation of 190 BCF. Total working gas in storage was reported as 2,689 BCF; 1.5% above this time last year and 7.9% above the five-year average.

As of 6:05AM EST this morning in Globex, WTI Crude was up 69 cents; Natural Gas was up five cents; Heating Oil was up two cents; and Gasoline was up two cents.

Natural Gas Glossary
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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.