January 23, 2020
Wednesday, January 22
nd saw the front-month NYMEX Natural Gas Futures Contract open at $1.915, two cents above Tuesday’s closing price of $1.895. Ascending to an intraday high of $1.942 by 9:40AM, the rally was short-lived as the contract posted a choppy descent throughout the morning. Touching down at the intraday low of $1.900 at 1:30PM, prices are seemingly stuck in limbo as oversold conditions could lead to a rally while any update for warmer weather conditions could drive prices down further. The February contract closed higher on Wednesday at $1.905.
The EIA Natural Gas Storage Report is due out at 10:30AM today. The report is expected to show a 92 BCF withdrawal from storage for the week ended January 17
th. This compares to a 163 BCF withdrawal at this time last year and a five-year average withdrawal amount of 194 BCF.
As of 8:45AM EST this morning in Globex, WTI Crude was down $1.28; Natural Gas was up six cents; Heating Oil was down four cents; and Gasoline was down three cents.
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