March NYMEX Natural Gas Futures Contract Closed at $2.702 on Wednesday, January 27th

Wednesday, January 27th, settlement day for the February contract, saw the front-month NYMEX Natural Gas Futures Contract open at $2.731, nearly eight cents above Tuesday’s closing price of $2.656.  Falling to an intraday low of $2.687 ahead of 10:00AM, prices rallied into the afternoon to settle higher on Wednesday at $2.760.  The March contract opened at $2.707, seven cents above Tuesday’s closing price of $2.636.  Falling to an intraday low of $2.666 at 10:00AM, prices then rose to an intraday high of $2.740 at 12:20PM.  The March contract closed higher on Wednesday at $2.702.

The EIA Natural Gas Storage Report is due out today at 10:30AM. The report is expected to show a 141 BCF withdrawal from storage for the week ended January 22nd. This compares to a 201 BCF withdrawal at this time last year and a five-year average withdrawal amount of 174 BCF.

As of 7:25AM EST this morning in Globex, WTI Crude was down 15 cents; Natural Gas was down five cents; Heating Oil was flat; and Gasoline was down slightly.

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