January 23, 2024
Monday, January 22
nd saw the front-month NYMEX Natural Gas Futures Contract open at $2.367, fifteen cents below Friday’s closing price of $2.519. Knocked down over the weekend by a bearish adjustment to weather forecasts to close out the month, the contract tallied the intraday low of $2.364 within minutes of the opening bell. Possibly wading into oversold territory, prices posted a modest recovery that would span the day. Reaching an intraday high of $2.470 at 1:50PM, February closed lower on Monday at $2.419.
The EIA Natural Gas Storage Report published last Thursday showed a 154 BCF withdrawal from storage for the week ended January 12 – below the market estimate 176 BCF. Total working gas in storage was reported as 3,182 BCF; 12.4% above this time last year and 11.2% above the five-year average.
As of 6:20AM EST this morning in Globex, WTI Crude was down 66 cents; Natural Gas was down one cent; Heating Oil was down one cent; and Gasoline was down three cents.
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