February NYMEX Natural Gas Futures Contracts Closed at $3.232 on Wednesday, January 17th

Wednesday, January 17th saw the front-month NYMEX Natural Gas Futures Contracts open at $3.196, nearly seven cents above Tuesday’s closing price of $3.129.  Slipping to the intraday low of $3.156 in the first hour of trading, prices then soared higher, supported by technical trading and a large withdrawal expected in today’s EIA Storage Report.  Recording nearly a nine-month intraday high of $3.288 at 11:20AM, choppy trading in the afternoon saw the contract finish higher on Wednesday as February closed at $3.232.

The EIA Natural Gas Storage Report is due out at 10:30AM today.  The report is expected to show a 196 BCF withdrawal from storage for the week ended January 12th.  This compares to a 243 BCF withdrawal at this time last year and a five-year average withdrawal amount of 203 BCF.

This morning in Globex, WTI Crude was unchanged; Natural Gas was down four cents; Heating Oil was down one cent; and, Gasoline was up slightly.

Natural Gas Glossary
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