March NYMEX Natural Gas Futures Contract Closed at $2.564 on Friday, January 29th

Friday, January 29th saw the front-month NYMEX Natural Gas Futures Contract open at $2.658, slightly below Thursday’s closing price of $2.664.  Ascending to an intraday high of $2.695 by 9:45AM, warming forecasts quickly put a damper on any bullish support.  Trending lower near 10:30AM, the contract crossed midday near $2.630 and continued to an intraday low of $2.556 ahead of closing.  March closed lower on Friday at $2.564.

The EIA Natural Gas Storage Report published on Thursday showed a 128 BCF withdrawal from storage for the week ended January 22nd – below the market estimate expectation of 141 BCF. Total working gas in storage was reported as 2,881 BCF; 2.8% above this time last year and 9.3% above the five-year average.

As of 7:10AM EST this morning in Globex, WTI Crude was up 55 cents; Natural Gas was up 20 cents; Heating Oil was up three cents; and Gasoline was up three cents.

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