Thursday, January 28th saw the front-month NYMEX Natural Gas Futures Contract open at $2.664, four cents below Wednesday’s closing price of $2.702. Ascending to the $2.680 level ahead of the weekly storage publication, prices proceeded to sink as the bearish report hit the wire. Falling to an intraday low of $2.591 at 10:50AM, the contract spent the balance of the day reacting to forecasts for below average temperatures. Climbing to an intraday high of $2.695 at 2:00PM, March closed lower on Thursday at $2.664.
The EIA Natural Gas Storage Report published on Thursday showed a 128 BCF withdrawal from storage for the week ended January 22nd – below the market estimate expectation of 141 BCF. Total working gas in storage was reported as 2,881 BCF; 2.8% above this time last year and 9.3% above the five-year average.
As of 6:45AM EST this morning in Globex, WTI Crude was up 24 cents; Natural Gas was up one cent; Heating Oil was up one cent; and Gasoline was up two cents.
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