January 17, 2020
Thursday, January 16
th saw the front-month NYMEX Natural Gas Futures Contract open at $2.126, just above Wednesday’s closing price of $2.120. Adding a penny to reach $2.135 ahead of the 10:30AM EIA storage report, prices then jumped to an intraday high of $2.170 as the bullish report hit the wire. Trending lower through midday, the contract was trading near $2.135 by 1:30PM. Posting a steep selloff in the day’s final hour, February closed lower on Thursday at $2.077.
The EIA Natural Gas Storage Report published on Thursday showed a 109 BCF withdrawal from storage for the week ended January 10
th – above the market estimate of 94 BCF. Total working gas in storage was reported as 3,039 BCF: 19.4% above this time last year and 5.2% above the five-year average.
As of 8:55AM EST this morning in Globex, WTI Crude was up 29 cents; Natural Gas was down four cents; Heating Oil was down two cents; and Gasoline was up one cent.
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