February NYMEX Natural Gas Futures Contract Closed at $3.525 on Wednesday, January 7th

Wednesday, January 7th saw the front-month NYMEX Natural Gas contract open at $3.490, $0.140 above Tuesday’s closing price of $3.350. Trending higher overnight as forecasts added demand for the back half of the month, the contract marked the intraday low of $3.450 at 9:05 before continuing the pre-market rally. Crossing midday at $3.516, prices rose to tally the intraday high of $3.591 at 1:05PM. February closed higher on Wednesday at $3.525.

The EIA Natural Gas Storage Report is due out Thursday at 10:30AM. The report is expected to show a 108 BCF withdrawal from storage for the week ended January 2. This compares to a 40 BCF withdrawal this time last year and a five-year average withdrawal amount of 66 BCF.

As of 6:25AM this morning in Globex, WTI Crude was up $0.690; Natural Gas was up $0.055; Heating Oil was up $0.021; and Gasoline was up $0.029.

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