Wednesday, January 9th saw the front-month NYMEX Natural Gas Futures Contracts open at $2.963, nearly even to Tuesday’s closing price of $2.967. Seesawing within a tight band near $2.960 through 11:00AM, prices then stepped cautiously upwards to tally the intraday high of $3.016 shortly after midday. The $3.00 mark has proven to be a level of support over the past ten days as traders await the next weather catalyst. February closed higher on Wednesday at $2.984.
The EIA Natural Gas Storage Report is due out at 10:30AM today. The report is expected to show an 80 BCF withdrawal from storage for the week ended January 4th. This compares to a 359 BCF withdrawal at this time last year and a five-year average withdrawal amount of 203 BCF.
As of 7:00AM this morning in Globex, WTI Crude was down 45 cents; Natural Gas was up five cents; Heating Oil was down slightly; and Gasoline was down slightly.
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