February NYMEX Natural Gas Futures Contracts Closed at $2.969 on Thursday, January 10th

Market Insights
Natural Gas
January 11, 2019
Thursday, January 10th saw the front-month NYMEX Natural Gas Futures Contracts open at $3.080, nearly ten cents above Wednesday’s closing price of $2.984.  Marking the intraday high of $3.082 as markets opened, prices soon moved lower, finding support near $3.030 by 9:30AM.  Trading sideways in the hour leading up to the EIA storage report, the contract spiked as high as $3.066 as the report was published.  Trending lower over the balance of the session, February closed lower on Thursday at $2.969.

The EIA Natural Gas Storage Report published on Thursday showed a 91 BCF withdrawal from storage for the week ended January 4th – above the market estimate of 80 BCF.  This withdrawal includes a reclassification of 4 BCF from working gas to base gas.  Total working gas in storage was reported as 2,614 BCF; 7.2% below this time last year and 15.1% below the five-year average.

This morning in Globex, WTI Crude was down 32 cents; Natural Gas was up eight cents; Heating Oil was down one cent; and Gasoline was down one cent.
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.