Thursday, January 24th saw the front-month NYMEX Natural Gas Futures Contracts open at $3.101, twelve cents above Wednesday’s closing price of $2.980. Bouncing back from the previous session’s selloff, prices traded steadily along the $3.090 level through 10:30AM. Falling to the intraday low of $3.052 in the minutes following the weekly storage release, the contract then reversed direction to surpass $3.140 an hour later. Markets are currently digesting forecasts for another cold snap that will enter the northeast at the end of the month and span into the first week of February before turning mild once again. Recording the intraday high of $3.156 ahead of 1:00PM, February closed higher on Thursday at $3.099.
The EIA Natural Gas Storage Report published on Thursday showed a 163 BCF withdrawal from storage for the week ended January 18th – even with the market estimate of 162 BCF. Total working gas in storage was reported as 2,370 BCF; 1.4% above this time last year and 11.4% below the five-year average.
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