Tuesday, January 4th – saw the front-month NYMEX Natural Gas Futures Contract open at $3.903, nine cents above Monday’s closing price of $3.815. Tallying in the intraday high of $3.907 within minutes of the opening bell, the contract moved lower to trade along either side of $3.780 through midday. Hopes of another cold spell by mid-month are keeping prices elevated for the time being. Marking the intraday low of $3.709 at 2:20PM as February lost ground, the contract closed lower on Tuesday at $3.717.
The EIA Natural Gas Storage Report is due out on Thursday at 10:30AM. The report is expected to show an 80 BCF withdrawal from storage for the week ended December 31st. This compares to a 130 BCF withdrawal at this time last year and a five-year average withdrawal amount of 108 BCF.
As of 7:10AM EST this morning in Globex, WTI Crude was up 30 cents; Natural Gas was up seven cents; Heating Oil was up slightly; and Gasoline was down slightly.
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