February NYMEX Natural Gas Futures Contract Closed at $2.729 on Thursday, January 7th

Thursday, January 7th saw the front-month NYMEX Natural Gas Futures Contract open at $2.693, two cents below Wednesday’s closing price of $2.716.  Tallying an intraday low of $2.687 within minutes of the opening bell, prices traded along $2.715 until jumping to an intraday high of $2.755 as the weekly storage publication was released.  Crossing midday near $2.720, February closed higher on Thursday at $2.729.

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 7:00AM EST this morning in Globex, WTI Crude was up 70 cents; Natural Gas was down nine cents; Heating Oil was up two cents; and Gasoline was up three cents.

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