January 4, 2023
Tuesday, January 3
rd saw the February NYMEX Natural Gas Futures Contract open at $4.007, forty-seven cents below Friday’s closing price of $4.475. Hindered once again by bearish conditions that are expected to last at least another ten days, prices dropped sharply overnight. Posting an intraday high of $4.114 ahead of 10:00AM, the contract then withdrew for the majority of the remaining session. Recording a near 11-month intraday low of $3.894 at 1:35PM, February closed lower on Tuesday at $3.988.
The EIA Natural Gas Storage Report is due out on Thursday at 10:30AM. The report is expected to show a 200 BCF withdrawal from storage for the week ended December 30. This compares to a 31 BCF withdrawal at this time last year and a five-year average withdrawal amount of 98 BCF.
As of 6:30AM EST this morning in Globex, WTI Crude was down $1.90; Natural Gas was up four cents; Heating Oil was down seven cents; and Gasoline was down seven cents.
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