Wednesday, January 15th saw the front-month NYMEX Natural Gas Futures Contract open at $2.118, seven cents below Tuesday’s closing price of $2.187. Falling to an intraday low of $2.104 shortly after the opening bell, conflicting weather reports sank the contract yesterday morning as forecasts for arctic temperatures turned bearish. Recovering to the $2.130 level an hour later, prices trended gradually higher until reaching an intraday high of $2.141 at 1:20PM. February closed lower on Wednesday at $2.120.
The EIA Natural Gas Storage Report is due out at 10:30AM today. The report is expected to show a 94 BCF withdrawal from storage for the week ended January 10th. This compares to an 81 BCF withdrawal at this time last year and a five-year average withdrawal amount of 184 BCF.
As of 8:40AM EST this morning in Globex, WTI Crude was up 11 cents; Natural Gas was up one cent; Heating Oil was down one cent; and Gasoline was up one cent.
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