February NYMEX Natural Gas Futures Contract Closed at $3.174 on Friday, January 20th

Market Insights
Natural Gas
January 23, 2023
Friday, January 20th saw the February NYMEX Natural Gas Futures Contract open at $3.290, nearly two cents below Thursday’s closing price of $3.275. Trading higher throughout the morning hours, prices made their way to an intraday high of $3.389 by 11:45AM. Losing momentum soon thereafter, the contract sank to record an intraday low of $3.162 at 2:20PM, February closed lower on Friday at $3.174.

The EIA Natural Gas Storage Report published on Thursday showed an 82 BCF withdrawal from storage for the week ended January 13 – above the market estimate of 73 BCF. Total working gas in storage was reported as 2,820 BCF; 0.7% below this time last year and 1.2% above the five-year average.

As of 7:30AM EST this morning in Globex, WTI Crude was up 55 cents; Natural Gas was up 27 cents; Heating Oil was up four cents; and Gasoline was up one cent.

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.