Wednesday, February 2nd saw the front-month NYMEX Natural Gas Futures Contract open at $5.317, nearly fifty-seven cents above Tuesday’s closing price of $4.751. Marking the intraday low of $5.233 within minutes of the open, prices moved steadily higher throughout the day as frigid temperatures are expected in the south and east and freeze-offs threaten to disrupt production. Marking the intraday high of $5.572 at 2:00PM, March closed higher on Wednesday at $5.501.
The EIA Natural Gas Storage Report is due out on Thursday at 10:30AM. The report is expected to show a 225 BCF withdrawal from storage for the week ended January 28th. This compares to a 192 BCF withdrawal at this time last year and a five-year average withdrawal amount of 150 BCF.
As of 6:05AM EST this morning in Globex, WTI Crude was down $1.46; Natural Gas was down 37 cents; Heating Oil was down two cents; and Gasoline was down three.
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