February NYMEX Natural Gas Futures Contracts Closed at $3.384 on Wednesday, January 16th

Wednesday, January 16th saw the front-month NYMEX Natural Gas Futures Contracts open at $3.652, fifteen cents above Tuesday’s closing price of $3.501.  Extending to a three week intraday high of $3.696 out of the gate, the contract floated around the $3.66 level until 11:00AM when sellers entered the market.  Having priced-in the latest forecasts for below-average temperatures, prices tumbled lower into the afternoon.  Finding support near $3.420, February marked the intraday low of $3.362 before closing lower on Wednesday at $3.384.

The EIA Natural Gas Storage Report is due out at 10:30AM today.  The report is expected to show an 84 BCF withdrawal from storage for the week ended January 11th.  This compares to a 183 BCF withdrawal at this time last year and a five-year average withdrawal amount of 218 BCF.

This morning in Globex, WTI Crude was down 98 cents; Natural Gas was up 16 cents; Heating Oil was down three cents; and Gasoline was down three cents.

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