Wednesday, February 15th, saw the front-month NYMEX Natural Gas Futures Contracts open at $2.988, eight cents above Tuesday’s closing price of $2.905. Reaching the intraday high of $2.991 out of the gate, rapid selling then directed prices downward as forecasts for low demand persist. Rebounding from the $2.93 mark near 10:30AM, momentary buying lifted the contract above $2.970 by midday. Unable to maintain this ascent, prices fell to the intraday low of $2.917 at 1:10PM as March closed higher on Wednesday at $2.925.
The EIA Natural Gas Storage Report is due out at 10:30AM today. The report is expected to show a 127 BCF withdrawal from storage for the week ended February 10th. This compares to a 163 BCF withdrawal at this time last year and a five-year average withdrawal amount of 156 BCF.
This morning in Globex, WTI Crude was up 42 cents; Natural Gas was down two cents; Heating Oil was up two cents; and, Gasoline was down one cent. Additionally, cash prices were higher in New York and New England.
Natural Gas Glossary
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