Wednesday, January 8th saw the front-month NYMEX Natural Gas Futures Contract open at $2.174, a penny above Tuesday’s closing price of $2.162. Falling from an intraday high of $2.176 soon after markets opened, prices slid throughout the morning until bottoming out at an intraday low of $2.115 at 11:40AM. Mounting a modest recovery effort into the afternoon, as traders are hoping for a mid-month drop in temperatures, February closed lower on Wednesday at $2.141.
The EIA Natural Gas Storage Report is due out at 10:30AM today. The report is expected to show a 52 BCF withdrawal from storage for the week ended January 3rd. This compares to a 91 BCF withdrawal at this time last year and a five-year average withdrawal amount of 152 BCF.
As of 8:40AM EST this morning in Globex, WTI Crude was up eight cents; Natural Gas was down two cents; Heating Oil was down one cent; and Gasoline up one cent.
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