Tuesday, January 28th saw the front-month NYMEX Natural Gas Futures Contract open at $1.925, two cents above Monday’s closing price of $1.902. Slipping to an intraday low of $1.914 early on, prices rose steadily through the morning hours to peak above $1.950 ahead of midday. Given the market’s ample supply and today’s settlement for the February contract, traders are likely squaring positions ahead of settlement and Thursday’s storage report. There are whispers of below average temperatures arriving in early February, but without an extended cold spell, it is not likely that we will see a drastic change in pricing as many of winter’s heaviest heating degree days are now behind us. Trading along $1.940 into the afternoon, a quick jump to an intraday high of $1.952 at 2:10PM then saw February close higher on the day at $1.934.
As of 8:45AM EST this morning in Globex, WTI Crude was up 49 cents; Natural Gas was down four cents; Heating Oil was up one cent; and Gasoline was up two cents.
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