January 10, 2024
Tuesday, January 9
th saw the front-month NYMEX Natural Gas Futures Contract open at $3.114, thirteen cents above Monday’s closing price of $2.980. Trading sideways through 10:00AM near $3.110, prices withdrew to an intraday low of $3.035 by 10:55AM. Bolstered by growing confidence surrounding next week’s impending arctic conditions, the contract posted a steady ascent that would lead to a two-month intraday high of $3.392 ahead of 2:00PM. Finding a footing ahead of closing, February closed higher on Tuesday at $3.190.
The EIA Natural Gas Storage Report is due out on Thursday at 10:30AM. The report is expected to show a 112 BCF withdrawal from storage for the week ended January 5
th. This compares to an 11 BCF injection at this time last year and a five-year average withdrawal amount of 89 BCF.
As of 6:40AM EST this morning in Globex, WTI Crude was up 19 cents; Natural Gas was down 13 cents; Heating Oil was up one cent; and Gasoline was up three cents.
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