February NYMEX Natural Gas Futures Contract Closed at $2.003 on Friday, January 17th

Friday, January 17th saw the front-month NYMEX Natural Gas Futures Contract open at $2.037, four cents below Thursday’s closing price of $2.077.  Tumbling lower overnight as weather forecasts are now showing that most of the arctic conditions that were headed for the Northeast are now likely moving into Canada, prices rose to the intraday high of $2.038 soon after the opening bell.  Markets slid gradually lower throughout the day until ultimately reaching the lowest intraday mark, $1.998, since May of 2016.  The contract is now well into oversold territory, but has little reason to bounce back at the moment.  The February contract closed lower on Friday at $2.003.

As of 8:45AM EST this morning in Globex, WTI Crude was up 38 cents; Natural Gas was down eight cents; Heating Oil was down two cents; and Gasoline was up one cent. 

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