March NYMEX Natural Gas Futures Contracts Closed at $2.814 on Thursday, January 31st

Thursday, January 31st saw the front-month NYMEX Natural Gas Futures Contracts open at $2.878, two cents above Wednesday’s closing price of $2.854.  Stepping lower to trade along $2.855 by 9:30AM, prices stabilized until the release of the weekly storage report at 10:30AM.  Dipping as low as $2.811 as the bearish report was published, the contract descended gradually to the intraday low of $2.802 at noon.  Trading sideways near $2.820 for the majority of the afternoon, March closed lower on Thursday at $2.814.

The EIA Natural Gas Storage Report published on Thursday showed a 173 BCF withdrawal from storage for the week ended January 25th – below the market estimate of 185 BCF.  Total working gas in storage was reported as 2,197 BCF; 0.6% below this time last year and 13.0% below the five-year average.

This morning in Globex, WTI Crude was up 30 cents; Natural Gas was down three cents; Heating Oil was up slightly; and Gasoline was up three cents.  Additionally, cash prices were lower in New York and New England.
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