February NYMEX Natural Gas Futures Contract Closed at $2.700 on Friday, January 8th

Friday, January 8th saw the front-month NYMEX Natural Gas Futures Contract open at $2.659, seven cents below Thursday’s closing price of $2.729.  Slipping to an intraday low of $2.644 ahead of 10:00AM, prices then jumped to $2.710 an hour later.  Ascending to an intraday high of $2.730 at 2:10PM, as weather forecasts remain supportive, February closed lower on Friday at $2.700.

The EIA Natural Gas Storage Report published on Thursday showed a 130 BCF withdrawal from storage for the week ended January 1st – in line with market estimate expectations. Total working gas in storage was reported as 3,330 BCF; 4.3% above this time last year and 6.4% above the five-year average.

As of 6:50AM EST this morning in Globex, WTI Crude was down 38 cents; Natural Gas was down 10 cents; Heating Oil was down two cents; and Gasoline was down three cents.

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