Tuesday, January 11th – saw the front-month NYMEX Natural Gas Futures Contract open at $4.094, nearly two cents above Monday’s closing price of $4.079. Trading near $4.060 for the duration of the morning hours and marking an intraday low of $4.032 at 10:30AM, the contract then moved confidently higher. Underpinned by LNG demand from abroad and an expected frigid to finish the month, February tallied a five-week intraday high of $4.261 ahead of closing, finishing the day higher at $4.249.
The EIA Natural Gas Storage Report is due out on Thursday at 10:30AM. The report is expected to show a 120 BCF withdrawal from storage for the week ended January 7th. This compares to a 134 BCF withdrawal at this time last year and a five-year average withdrawal amount of 155 BCF.
As of 7:05AM EST this morning in Globex, WTI Crude was up 75 cents; Natural Gas was up 22 cents; Heating Oil was up three cents; and Gasoline was up one cent.
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