February NYMEX Natural Gas Futures Contract Closed at $2.166 on Thursday, January 9th

Thursday, January 9th saw the front-month NYMEX Natural Gas Futures Contract open at $2.123, two cents below Wednesday’s closing price of $2.141.  Trading alongside $2.135 through 10:00AM, prices then shed a penny as the weekly storage report approached.  Sinking to a five-month intraday low of $2.105 as the bearish publication hit the wire, the contract was quick to recoup its losses and continue higher.  Crossing midday near $2.150, February then continued upward to an intraday high of $2.170 at 2:20PM, closing higher on Thursday at $2.166.

The EIA Natural Gas Storage Report published on Thursday showed a 44 BCF withdrawal from storage for the week ended January 3rd – below the market estimate of 52 BCF. Total working gas in storage was reported as 3,148 BCF: 19.8% above this time last year and 2.4% below the five-year average.

As of 8:50AM EST this morning in Globex, WTI Crude was down 21 cents; Natural Gas was up three cents; Heating Oil was down slightly; and Gasoline up one cent. 

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