Thursday, January 23rd saw the front-month NYMEX Natural Gas Futures Contract open at $1.958, five cents above Wednesday’s closing price of $1.905. Moving upward in the first ninety minutes of the morning to reach $1.970 ahead of 10:30AM, prices then jumped to an intraday high of $1.980. Gapping lower soon thereafter, the contract found support near the $1.94 level heading into midday. Tallying an intraday low of $1.916 at 2:00PM, the February contract closed higher on Thursday at $1.926.
The EIA Natural Gas Storage Report published on Thursday showed a 92 BCF withdrawal from storage for the week ended January 17th – in line the market estimate of 92 BCF. Total working gas in storage was reported as 2,947 BCF: 23.2% above this time last year and 9.3% above the five-year average.
As of 8:35AM EST this morning in Globex, WTI Crude was down 37 cents; Natural Gas was down four cents; Heating Oil was down one cent; and Gasoline was down one cent.
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