February NYMEX Natural Gas Futures Contract Closed at $4.857 on Wednesday, January 12th

Market Insights
Natural Gas
January 13, 2022
Wednesday, January 12th – saw the front-month NYMEX Natural Gas Futures Contract open at $4.454, twenty cents above Tuesday’s closing price of $4.249. Marking the intraday low as markets opened, the contract then set its sites for the stratosphere, reaching $4.620 by 10:30AM and crossing midday near $4.750. Speculative forecasts were given some weight today as the latest cold snap covered key demand areas of the country. Reaching a two-month intraday high of $4.879 at 2:10PM, February closed higher on Wednesday at $4.857.
The EIA Natural Gas Storage Report is due out on Thursday at 10:30AM. The report is expected to show a 120 BCF withdrawal from storage for the week ended January 7th. This compares to a 134 BCF withdrawal at this time last year and a five-year average withdrawal amount of 155 BCF.
As of 6:20AM EST this morning in Globex, WTI Crude was unchanged; Natural Gas was down 14 cents; Heating Oil was up one cent; and Gasoline was down slightly.
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