February NYMEX Natural Gas Futures Contracts Closed at $2.945 on Thursday, January 3rd

Thursday, January 3rd saw the front-month NYMEX Natural Gas Futures Contracts open at $2.898, six cents below Wednesday’s closing price of $2.958.  Falling initially to challenge lows last seen in mid-September, prices rebounded off the intraday low of $2.878 to manage a staggered ascent throughout the day.  Finding support as traders cover short positions and realign with market fundamentals, the contract tallied the intraday high of $2.964 at 1:20PM.  February closed lower on Thursday at $2.945.

The EIA Natural Gas Storage Report is due out at 10:30AM today.  The report is expected to show a 35 BCF withdrawal from storage for the week ended December 28th.  This compares to a 206 BCF withdrawal at this time last year and a five-year average withdrawal amount of 107 BCF.

This morning in Globex, WTI Crude was up $1.01; Natural Gas was up eight cents; Heating Oil was up four cents; and Gasoline was up two cents.  Additionally, cash prices were lower in New York and New England.
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