February NYMEX Natural Gas Futures Contract Closed at $1.905 on Wednesday, January 22nd

Wednesday, January 22nd saw the front-month NYMEX Natural Gas Futures Contract open at $1.915, two cents above Tuesday’s closing price of $1.895.  Ascending to an intraday high of $1.942 by 9:40AM, the rally was short-lived as the contract posted a choppy descent throughout the morning.  Touching down at the intraday low of $1.900 at 1:30PM, prices are seemingly stuck in limbo as oversold conditions could lead to a rally while any update for warmer weather conditions could drive prices down further.  The February contract closed higher on Wednesday at $1.905.

The EIA Natural Gas Storage Report is due out at 10:30AM today. The report is expected to show a 92 BCF withdrawal from storage for the week ended January 17th. This compares to a 163 BCF withdrawal at this time last year and a five-year average withdrawal amount of 194 BCF.

As of 8:45AM EST this morning in Globex, WTI Crude was down $1.28; Natural Gas was up six cents; Heating Oil was down four cents; and Gasoline was down three cents. 

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