February NYMEX Natural Gas Futures Contract Closed at $3.258 on Tuesday, January 24th

Market Insights
Natural Gas
January 25, 2023
Tuesday, January 24th saw the February NYMEX Natural Gas Futures Contract open at $3.435, a penny below Monday’s closing price of $3.447. Recording the intraday high of $3.459 within minutes of the open, prices traded either side of $3.430 until 10:30AM when bearish sentiment took hold. Moving decidedly lower into the afternoon as selling took hold, in spite of the current frigid temperatures. Marking the intraday low of $3.231 ahead of 2:30PM, February closed lower on Tuesday at $3.258.

The EIA Natural Gas Storage Report is due out on Thursday at 10:30AM. The report is expected to show a 94 BCF withdrawal from storage for the week ended January 20. This compares to a 219 BCF withdrawal at this time last year and a five-year average withdrawal amount of 185 BCF.

As of 6:15AM EST this morning in Globex, WTI Crude was down 25 cents; Natural Gas was down 14 cents; Heating Oil was down one cent; and Gasoline was down 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.