January 12, 2024
Thursday, January 11
th saw the front-month NYMEX Natural Gas Futures Contract open at $2.988, five cents below Wednesday’s closing price of $3.039. Fluctuating along $3.010 through the session’s opening hour, prices fell to an intraday low of $2.976 by 9:55AM. Trading at $3.050 ahead of the weekly storage publication, the contract mounted a steady ascent following a bullish storage pull. Fending off shifting weather reports, the withdrawal pushed prices to an intraday high of $3.231 at 11:35AM. Trading sideways along $3.170 late into the day, a selloff ahead of 2:30PM saw February close higher on Thursday at $3.097.
The EIA Natural Gas Storage Report published last Thursday showed a 140 BCF withdrawal from storage for the week ended January 5 – above the market estimate 112 BCF. Total working gas in storage was reported as 3,336 BCF; 15.0% above this time last year and 11.6% above the five-year average.
As of 6:40AM EST this morning in Globex, WTI Crude was up $3.16; Natural Gas was up two cents; Heating Oil was up 11 cents; and Gasoline was up eight cents.
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