Thursday, January 20th – saw the front-month NYMEX Natural Gas Futures Contract open at $3.926, ten cents below Wednesday’s closing price of $4.031. Marking the intraday high of $3.933 within minutes of the open, prices plodded downward leading up to the weekly storage report. Trading near $3.850 ahead of the publication’s release, the contract then jumped to $3.890, only to decline to the intraday low of $3.781 an hour later. February closed lower on Thursday at $3.802.
The EIA Natural Gas Storage Report published on Thursday showed a 206 BCF withdrawal from storage for the week ended January 14th – above the market estimate of 188 BCF. Total working gas in storage was reported as 2,810 BCF; 7.4% below this time last year and 1.2% above the five-year average.
As of 6:35AM EST this morning in Globex, WTI Crude was down $1.70; Natural Gas was up eight cents; Heating Oil was down three cents; and Gasoline was down four cents.
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