March NYMEX Natural Gas Futures Contract Closed at $2.684 on Tuesday, January 31st

Market Insights
Natural Gas
February 1, 2023
Tuesday, January 31st saw the front-month NYMEX Natural Gas Futures Contract open at $2.634, four cents below Monday’s closing price of $2.677. Marking the intraday low of $2.614 within minutes of the open, wintry conditions moving across the Midwest provided support throughout the morning as the threat of freeze-offs looms. Ascending to an intraday high of $2.716 by 10:45AM, the contract sought direction in the afternoon hours as it fluctuated within a nine-cent range near $2.660. March closed $2.684.

The EIA Natural Gas Storage Report is due out on Thursday at 10:30AM. The report is expected to show a 147 BCF withdrawal from storage for the week ended January 27. This compares to a 268 BCF withdrawal at this time last year and a five-year average withdrawal amount of 181 BCF.

As of 7:00AM EST this morning in Globex, WTI Crude was up 52 cents; Natural Gas was up slightly; Heating Oil was unchanged; and Gasoline was unchanged.
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