February NYMEX Natural Gas Futures Contracts Closed at $2.969 on Thursday, January 10th

Thursday, January 10th saw the front-month NYMEX Natural Gas Futures Contracts open at $3.080, nearly ten cents above Wednesday’s closing price of $2.984.  Marking the intraday high of $3.082 as markets opened, prices soon moved lower, finding support near $3.030 by 9:30AM.  Trading sideways in the hour leading up to the EIA storage report, the contract spiked as high as $3.066 as the report was published.  Trending lower over the balance of the session, February closed lower on Thursday at $2.969.

The EIA Natural Gas Storage Report published on Thursday showed a 91 BCF withdrawal from storage for the week ended January 4th – above the market estimate of 80 BCF.  This withdrawal includes a reclassification of 4 BCF from working gas to base gas.  Total working gas in storage was reported as 2,614 BCF; 7.2% below this time last year and 15.1% below the five-year average.

This morning in Globex, WTI Crude was down 32 cents; Natural Gas was up eight cents; Heating Oil was down one cent; and Gasoline was down one cent.
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