February NYMEX Natural Gas Futures Contract Closed at $3.311 on Wednesday, January 18th

Market Insights
Natural Gas
Basis
NYMEX
January 19, 2023
Wednesday, January 18th saw the February NYMEX Natural Gas Futures Contract open at $3.410, nearly eighteen cents above Tuesday’s closing price of $3.586. Trading along either side of $3.435 through midday, prices rose to tally an intraday high of $3.496 at 11:55AM. Trending downward through the afternoon as production remains steady and doubts arise surrounding the end of month chill, the contract fell to an 18-month intraday low of $3.287 at 2:15PM. February closed lower on Wednesday at $3.311.

The EIA Natural Gas Storage Report is due out on Thursday at 10:30AM. The report is expected to show a 73 BCF withdrawal from storage for the week ended January 13. This compares to a 206 BCF withdrawal at this time last year and a five-year average withdrawal amount of 156 BCF.

As of 7:05AM EST this morning in Globex, WTI Crude was down 71 cents; Natural Gas was up six cents; Heating Oil was down two cents; and Gasoline was down slightly.
                                                      
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.