February NYMEX Natural Gas Futures Contract Closed at $2.716 on Wednesday, January 6th

Market Insights
Natural Gas
January 7, 2021
Wednesday, January 6th saw the front-month NYMEX Natural Gas Futures Contract open at $2.671, three cents below Tuesday’s closing price of $2.702.  Falling to an intraday low of $2.661 by 9:15AM, the contract posted a steady ascent throughout the morning to reach a two-week intraday high of $2.770 just after midday.  Withdrawing into the afternoon, February closed higher on Wednesday at $2.716.

The EIA Natural Gas Storage Report is due out today at 10:30AM. The report is expected to show a 110 BCF withdrawal from storage for the week ended January 1st. This compares to a 44 BCF withdrawal at this time last year and a five-year average withdrawal amount of 100 BCF.

As of 7:05AM EST this morning in Globex, WTI Crude was up 16 cents; Natural Gas was down two cents; Heating Oil was up 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.