Wednesday, January 13th saw the front-month NYMEX Natural Gas Futures Contract open at $2.786, three cents above Tuesday’s closing price of $2.753. Choppy trading ensued throughout the morning hours, covering an eight-cent range and eventually climbing to an intraday high of $2.814 at 11:20AM. Withdrawing into the afternoon prices fell to an intraday low of $2.708 at 1:20PM, as traders reeled in the hype surrounding the impending polar vortex in late January. February closed lower on Wednesday at $2.727.
The EIA Natural Gas Storage Report is due out today at 10:30AM. The report is expected to show a 131 BCF withdrawal from storage for the week ended January 8th. This compares to a 109 BCF withdrawal at this time last year and a five-year average withdrawal amount of 161 BCF.
As of 7:00AM EST this morning in Globex, WTI Crude was down 20 cents; Natural Gas was up three cents; Heating Oil was down one cent; and Gasoline was down one cent.
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