February NYMEX Natural Gas Futures Contract Closed at $2.446 on Friday, January 22nd

Friday, January 22nd saw the front-month NYMEX Natural Gas Futures Contract open at $2.442, five cents below Thursday’s closing price of $2.491.  Spending the majority of the session trading along the $2.450 mark, we’re now getting to the point in the season where traders are shrugging off even a large storage withdrawal as temperatures remain mild.  With the polar vortex failing to materialize and the March contract set to take the front-month position this week, there isn’t much propping up the contract at this point.  Marking an intraday high of $2.481 as the storage report hit the wire at 10:30AM and an intraday low of $2.437 at midday, February closed lower on Friday at $2.446.

The EIA Natural Gas Storage Report published on Friday showed a 187 BCF withdrawal from storage for the week ended January 15th – in line with market estimate expectations of 191 BCF. Total working gas in storage was reported as 3,009 BCF; 1.2% above this time last year and 7.0% above the five-year average.

As of 7:00AM EST this morning in Globex, WTI Crude was up 13 cents; Natural Gas was up eight cents; Heating Oil was up slightly; and Gasoline was up one cent.

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