January NYMEX Natural Gas Futures Contract Closed at $2.780 on Tuesday, December 22nd

Tuesday, December 22nd saw the front-month NYMEX Natural Gas Futures Contract open at $2.787, eight cents above Monday’s closing price $2.705.  Trickling downward to an intraday low of $2.764 by 10:00AM, the overnight jump in prices was likely due to colder temperatures entering the forecast.  Ascending to three-week intraday high of $2.806 at 1:50PM, the January contract closed higher on Tuesday at $2.780.

The EIA Natural Gas Storage Report is due out today at 12:00PM. The report is expected to show a 122 BCF withdrawal from storage for the week ended December 18th. This compares to a 161 BCF withdrawal at this time last year and a five-year average withdrawal amount of 127 BCF.

As of 8:55AM EST this morning in Globex, WTI Crude was up 6 cents; Natural Gas was down 6 cents; Heating Oil was up 1 cent; and Gasoline was up 1 cent.

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