On Thursday, January 30th – the March NYMEX Natural Gas Futures Contract began trading as the prompt month. Opening at $1.831, three cents below Wednesday’s closing price of $1.865, prices rose to an intra-day high of $1.866 by 9:40AM. Stabilizing near $1.855 in the hour leading up to the weekly storage release, the contract fell to the $1.83 mark as the publication reported a withdrawal that fell in line with market ex-pectations. Lacking supportive weather forecasts, the March contract slipped to another multi-year low of $1.815 at 11:50AM, ultimately finishing lower on the day at $1.829.
The EIA Natural Gas Storage Report published on Thursday showed a 201 BCF withdrawal from storage for the week ended January 24th – just below the market estimate of 205 BCF. Total working gas in storage was reported as 2,746 BCF: 23.6% above this time last year and 7.6% above the five-year average.
As of 8:45AM EST this morning in Globex, WTI Crude was up 19 cents; Natural Gas was up two cents; Heating Oil was up one cent; and Gasoline was up two cents.
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