February NYMEX Natural Gas Futures Contract Closed at $3.671 on Wednesday, January 11th

Wednesday, January 11th saw the February NYMEX Natural Gas Futures Contract open at $3.764, thirteen cents above Tuesday’s closing price of $3.639. Recording the intraday high of $3.769 out of the gate, traders lost all pre-session momentum as prices tumbled to record an intraday low of $3.422 at 10:45AM. Holding out for a shot of arctic temperatures to finish out the month, the latest forecasts are showing bearish conditions until the 24th-26th. Reclaiming lost ground through the afternoon hours, February closed higher on Wednesday at $3.671.

The EIA Natural Gas Storage Report is due out on Thursday at 10:30AM. The report is expected to show a 2 BCF injection to storage for the week ended January 6. This compares to a 179 BCF withdrawal at this time last year and a five-year average withdrawal amount of 151 BCF.

As of 7:30AM EST this morning in Globex, WTI Crude was up $1.03; Natural Gas was up 12 cents; Heating Oil was up slightly; and Gasoline was up three cents.
                                            
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