February NYMEX Natural Gas Futures Contract Closed at $2.729 on Thursday, January 7th

Market Insights
Natural Gas
Basis
NYMEX
January 8, 2021
Thursday, January 7th saw the front-month NYMEX Natural Gas Futures Contract open at $2.693, two cents below Wednesday’s closing price of $2.716.  Tallying an intraday low of $2.687 within minutes of the opening bell, prices traded along $2.715 until jumping to an intraday high of $2.755 as the weekly storage publication was released.  Crossing midday near $2.720, February closed higher on Thursday at $2.729.

The EIA Natural Gas Storage Report published on Thursday showed a 130 BCF withdrawal from storage for the week ended January 1st – in line with market estimate expectations. Total working gas in storage was reported as 3,330 BCF; 4.3% above this time last year and 6.4% above the five-year average.

As of 7:00AM EST this morning in Globex, WTI Crude was up 70 cents; Natural Gas was down nine cents; Heating Oil was up two cents; and Gasoline was up three cents.

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.