January 11, 2023
Tuesday, January 10
th saw the February NYMEX Natural Gas Futures Contract open at $3.708, thirteen cents above Monday’s closing price of $3.910. Trending lower overnight as traders had a chance to digest the impending seasonal temperatures near month-end, prices slipped to an intraday low of $3.546 at 10:45AM. Fighting off additional losses, the contract rallied to an intraday high of $3.727 at 1:35PM. February closed lower on Tuesday at $3.639.
The EIA Natural Gas Storage Report is due out on Thursday at 10:30AM. The report is expected to show a 2 BCF injection to storage for the week ended January 6. This compares to a 179 BCF withdrawal at this time last year and a five-year average withdrawal amount of 151 BCF.
As of 7:00AM EST this morning in Globex, WTI Crude was up 25 cents; Natural Gas was up 10 cents; Heating Oil was up three cents; and Gasoline was up four cents.
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