January 10, 2023
Monday, January 9
th saw the February NYMEX Natural Gas Futures Contract open at $3.840, thirteen cents above Friday’s closing price of $3.710. Trending higher before the opening and continuing through the morning, profit-taking and a whisper of the return to seasonal temperatures by month-provided support throughout the session. Marking the intraday low of $3.831 near 9:15AM, prices rose to an intraday high of $4.128 at 10:55AM. Ending the day on a downbeat, February closed higher on Monday at $3.910.
The EIA Natural Gas Storage Report published on Thursday showed a 221 BCF withdrawal from storage for the week ended December 30 – below the market estimate of 245 BCF. Total working gas in storage was reported as 2,891 BCF; 9.6% below this time last year and 6.7% below the five-year average.
As of 7:05AM EST this morning in Globex, WTI Crude was up 43 cents; Natural Gas was down nine cents; Heating Oil was up one cent; and Gasoline was up three cents.
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