Tuesday, January 23rd saw the front-month NYMEX Natural Gas Futures Contracts open at $3.348, twelve cents above Monday’s closing price of $3.224. Expectations for an above average storage withdrawal for the week ended January 19th saw overnight gains continue into the morning as the contract surpassed the $3.43 mark by 9:30AM. Bolstered by weather-driven fundamentals in the Northeast, prices rallied to a one-year intraday high of $3.459 shortly past midday. Managing to sustain this momentum, February traded sideways into the afternoon before closing higher on Tuesday at $3.444.
This morning in Globex, WTI Crude was up 16 cents; Natural Gas was up 14 cents; Heating Oil was up one cent; and, Gasoline was down one cent.
Natural Gas Glossary
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