Wednesday, January 6th saw the front-month NYMEX Natural Gas Futures Contract open at $2.671, three cents below Tuesday’s closing price of $2.702. Falling to an intraday low of $2.661 by 9:15AM, the contract posted a steady ascent throughout the morning to reach a two-week intraday high of $2.770 just after midday. Withdrawing into the afternoon, February closed higher on Wednesday at $2.716.
The EIA Natural Gas Storage Report is due out today at 10:30AM. The report is expected to show a 110 BCF withdrawal from storage for the week ended January 1st. This compares to a 44 BCF withdrawal at this time last year and a five-year average withdrawal amount of 100 BCF.
As of 7:05AM EST this morning in Globex, WTI Crude was up 16 cents; Natural Gas was down two cents; Heating Oil was up slightly; and Gasoline was down slightly.
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