Friday, January 27
th saw the February NYMEX Natural Gas Futures Contract open at $2.830, twenty-four cents below Wednesday’s closing price of $2.944. February settled higher on Friday at $3.109.
The more actively traded March contract opened at $2.832, nearly two cents below Wednesday’s closing price of $2.848. Trending higher early on to achieve an intraday high of $2.908 ahead of 10:30AM, prices then trended downward to record the intraday low of $2.770 at 11:15AM. Fluctuating along the $2.850 level throughout the afternoon, March closed nearly flat on Friday at $2.849.
The EIA Natural Gas Storage Report published on Thursday showed a 91 BCF withdrawal from storage for the week ended January 20 – in line with the market estimate of 87 BCF. Total working gas in storage was reported as 2,729 BCF; 4.1% above this time last year and 4.9% above the five-year average.
As of 6:05AM EST this morning in Globex, WTI Crude was up 13 cents; Natural Gas was down 12 cents; Heating Oil was up one cent; and Gasoline was down one cent.
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