January 26, 2024
Thursday, January 25
th saw the front-month NYMEX Natural Gas Futures Contract open at $2.754, eleven cents above Wednesday’s closing price of $2.641. With prices threatening the $2.900 level near 7:30AM, the opening bell caught the contract mid-freefall as the contract stabilized near $2.710 shortly after 9:30AM. Trading sideways heading into the weekly storage report, volatility ultimately gave way to additional selling as the withdrawal met expectations. Crossing midday at $2.612, prices fell to an intraday low of $2.526 at 1:25PM as forecasts for relatively balmy conditions are expected to stretch into early February. February closed lower on Thursday at $2.571.
The EIA Natural Gas Storage Report published on Thursday showed a 326 BCF withdrawal from storage for the week ended January 19 – on par with the market estimate 331 BCF. Total working gas in storage was reported as 2,856 BCF; 4.0% above this time last year and 5.2% above the five-year average.
As of 7:25AM EST this morning in Globex, WTI Crude was down 81 cents; Natural Gas was up four cents; Heating Oil was down two cents; and Gasoline was down two cents.
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