Sprague Resources LP : February NYMEX Natural Gas Futures Contracts Closed at $3.384 on Wednesday, January 16th

January 17, 2019

Wednesday, January 16^th saw the front-month NYMEX Natural Gas Futures Contracts open at $3.652, fifteen cents above Tuesday's closing price of $3.501. Extending to a three week intraday high of $3.696 out of the gate, the contract floated around the $3.66 level until 11:00AM when sellers entered the market. Having priced-in the latest forecasts for below-average temperatures, prices tumbled lower into the afternoon. Finding support near $3.420, February marked the intraday low of $3.362 before closing lower on Wednesday at $3.384.

The EIA Natural Gas Storage Report is due out at 10:30AM today. The report is expected to show an 84 BCF withdrawal from storage for the week ended January 11^th. This compares to a 183 BCF withdrawal at this time last year and a five-year average withdrawal amount of 218 BCF.

This morning in Globex, WTI Crude was down 98 cents; Natural Gas was up 16 cents; Heating Oil was down three cents; and Gasoline was down three cents.

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 [e-mail] or call 1-855-466-2842.

This market update is provided for information purposes only and is not intended as advice on any transaction nor is it a solicitation to buy or sell commodities. Sprague makes no representations or warranties with respect to the contents of such news, including, without limitation, its accuracy and completeness, and Sprague shall not be responsible for the consequence of reliance upon any opinions, statements, projections and analyses presented herein or for any omission or error in fact. This document may not be reproduced or redistributed, in whole or in part, without the prior written permission of Sprague.