Tuesday, February 1st saw the front-month NYMEX Natural Gas Futures Contract open at $4.659, nearly twenty-two cents below Monday’s closing price of $4.874. Seeking direction within a twenty-cent range throughout the day, prices rose to an intraday high of $4.870 at 10:20AM and slipped to an intraday low of $4.649 at 11:40AM. Short-term weather forecasts have heightened expectations for demand as LNG exports remain steady and freeze-offs threaten to dampen production. March closed lower on Tuesday at $4.751.
The EIA Natural Gas Storage Report is due out on Thursday at 10:30AM. The report is expected to show a 225 BCF withdrawal from storage for the week ended January 28th. This compares to a 192 BCF withdrawal at this time last year and a five-year average withdrawal amount of 150 BCF.
As of 6:30AM EST this morning in Globex, WTI Crude was down 11 cents; Natural Gas was up 25 cents; Heating Oil was up one cent; and Gasoline was down slightly.
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March NYMEX Natural Gas Futures Contract Closed at $4.751 on Tuesday, February 1st
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