February NYMEX Natural Gas Futures Contract Closed at $2.870 on Wednesday, January 17th

Wednesday, January 17th saw the front-month NYMEX Natural Gas Futures Contract open at $2.778, thirty-five cents below Tuesday’s closing price of $2.900. Falling to an intraday low of $2.763 as end-of-month bearish forecasts continued to deflate the contract, prices then began a staggered ascent that would nearly span the balance of the session as current conditions provided support. Peaking at an intraday high of $2.958 at 2:15PM, February closed slightly lower on Wednesday at $2.870.

The EIA Natural Gas Storage Report is due out on Thursday at 10:30AM. The report is expected to show a 176 BCF withdrawal from storage for the week ended January 12th. This compares to an 82 BCF withdrawal this time last year and a five-year average withdrawal amount of 126 BCF.

As of 7:00AM EST this morning in Globex, WTI Crude was up 17 cents; Natural Gas was up three cents; Heating Oil was down one cent; and Gasoline was down slightly.
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