January 25, 2024
Wednesday, January 24
th saw the front-month NYMEX Natural Gas Futures Contract open at $2.595, fifteen cents above Tuesday’s closing price of $2.450. Per NatGasWeather.com, “the coming 15-day US weather pattern is the warmest of the past 45-years”, for the given time period. Following a modest bullish shift to forecasts overnight, prices rose to an intraday high of $2.656 by 10:45AM. Slipping to an intraday low of $2.550 at 1:00PM, the contract recovered to close out the day. February closed higher on Wednesday at $2.641.
The EIA Natural Gas Storage Report is due out on Thursday at 10:30AM. The report is expected to show a 331 BCF withdrawal from storage for the week ended January 19
th. This compares to an 86 BCF withdrawal this time last year and a five-year average withdrawal amount of 148 BCF.
As of 6:15AM EST this morning in Globex, WTI Crude was up $1.00; Natural Gas was up 21 cents; Heating Oil was up six cents; and Gasoline was up two cents.
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