February NYMEX Natural Gas Futures Contracts Closed at $3.205 on Thursday, January 18th

Market Insights
Natural Gas
January 19, 2018
Thursday, January 18th saw the front-month NYMEX Natural Gas Futures Contracts open at $3.176, five cents below Wednesday’s closing price of $3.232.  Fluctuating within a three-cent range before stabilizing near $3.195 ahead of 10:30AM, prices then plummeted as the bearish storage report was released.  Falling to the intraday low of $3.070 forty minutes later as the withdrawal paled in comparison to market expectations and last week’s record setting figure, bulls quickly reentered the market to mount a recovery effort.  Surpassing $3.110 by 1:00PM and $3.170 an hour later, February rose to the intraday high of $3.205 before closing ultimately lower on Thursday at $3.189.

The EIA Natural Gas Storage Report published on Thursday showed a 183 BCF withdrawal from storage for the week ended January 12th – below the market estimate of 196 BCF.  Total working gas in storage was reported as 2,584 BCF; 12.5% below this time last year and 12.3% below the five-year average.

This morning in Globex, WTI Crude was down 87 cents; Natural Gas was down two cents; Heating Oil was down two cents; and, Gasoline was down three cents.
Natural Gas Glossary
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.