February NYMEX Natural Gas Futures Contract Closed at $1.895 on Tuesday, January 21st

Tuesday, January 21st saw the front-month NYMEX Natural Gas Futures Contract open at $1.949, five cents below Friday’s closing price of $2.003.  Gapping lower over the weekend and trading along either side of $1.920 on Monday as the NYMEX trading floor was closed in observation of the MLK holiday, prices rose to an intraday high of $1.952 soon after markets opened Tuesday morning.  Losing ground an hour later, the contract declined steadily throughout the day as production levels remain high and short term weather forecasts are calling for warmer-than-average conditions.  Falling to a four-year intraday low of $1.872 ahead of 2:30PM, February closed lower on Tuesday at $1.895.

As of 8:50AM EST this morning in Globex, WTI Crude was down 63 cents; Natural Gas was up two cents; Heating Oil was down two cents; and Gasoline was down one cent. 

New York basis values were lower for the current winter months and unchanged for the following summer season, whereas New England basis values were lower for all seasons.  Additionally, cash prices were lower in New York and New England.

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