January 3, 2024
Tuesday, January 2
nd saw the front-month NYMEX Natural Gas Futures Contract open at $2.624, eleven cents above Friday’s closing price of $2.514. Riding the wave of a forecast for bullish temperatures through mid-month, prices recorded the intraday high of $2.631 within minutes of the opening bell. Trending lower to stabilize near $2.545 by 10:30AM, the contract traded sideways into the afternoon. Marking the intraday low of $2.524 ahead of 2:00PM. February closed higher on Tuesday $2.568.
The EIA Natural Gas Storage Report is due out on Thursday at 10:30AM. The report is expected to show a 61 BCF withdrawal from storage for the week ended December 29
th. This compares to a 221 BCF withdrawal at this time last year and a five-year average withdrawal amount of 97 BCF.
As of 8:05AM EST this morning in Globex, WTI Crude was up 81 cents; Natural Gas was up six cents; Heating Oil was up five cents; and Gasoline was up two cents.
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