February NYMEX Natural Gas Futures Contracts Closed at $2.980 on Wednesday, January 23rd

Wednesday, January 23rd saw the front-month NYMEX Natural Gas Futures Contracts open at $3.127, nine cents below Tuesday’s closing price of $3.040.  Marking the intraday high of $3.149 by 9:10AM, the contract traded sideways through 11:00AM below stepping lower.  Crossing midday near $3.090 and shedding six cents in the subsequent hour, prices fell to the intraday low of $2.957 ahead of 1:30PM.  Sinking below the $3.00 level despite forecasts for below average temperatures indicating that the market may be oversold, which could entice bulls to reenter the market, February closed lower on Wednesday at $2.980.

The EIA Natural Gas Storage Report is due out at 10:30AM today.  The report is expected to show a 162 BCF withdrawal from storage for the week ended January 18th.  This compares to a 105 BCF withdrawal at this time last year and a five-year average withdrawal amount of 185 BCF.

This morning in Globex, WTI Crude was down 43 cents; Natural Gas was up 11 cents; Heating Oil was down two cents; and Gasoline was down one cent.
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