Friday, January 7th – saw the front-month NYMEX Natural Gas Futures Contract open at $3.926, eleven cents above Thursday’s closing price of $3.812. Slipping to an intraday low of $3.869 by 9:40AM and tallying the intraday high of $3.980 at 12:20PM, the contract traded along $3.930 for the balance of the session. New forecasts calling for frigid temperatures to close out the month helped prices close out the week on a high note to close at 3.916, up 5% on the week.
The EIA Natural Gas Storage Report published on Thursday showed a 31 BCF withdrawal from storage for the week ended December 31st – below the market estimate of 60 BCF. Total working gas in storage was reported as 3,195 BCF; 4.6% below this time last year and 3.1% above the five-year average.
As of 6:40AM EST this morning in Globex, WTI Crude was down 23 cents; Natural Gas was up 19 cents; Heating Oil was up two cents; and Gasoline was unchanged.
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