On Wednesday, January 30th – the March NYMEX Natural Gas Futures Contract began trading as the prompt month. Opening at $2.856, five cents below Tuesday’s closing price of $2.903, prices seesawed along the $2.870 level through the duration of the morning and rose to the intraday high of $2.894 at midday. Looking past the current frigid temperatures plaguing the northern tier of the Midwest, the contract descended into the afternoon to mark the intraday low of $2.846 at 2:20PM. March closed lower on Wednesday at $2.854.
The EIA Natural Gas Storage Report is due out at 10:30AM today. The report is expected to show a 185 BCF withdrawal from storage for the week ended January 25th. This compares to a 288 BCF withdrawal at this time last year and a five-year average withdrawal amount of 150 BCF.
This morning in Globex, WTI Crude was up 20 cents; Natural Gas was up one cent; Heating Oil was up one cent; and Gasoline was up one cent.
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