Thursday, February 9th, saw the front-month NYMEX Natural Gas Futures Contracts open at $3.175, five cents above Wednesday’s closing price of $3.126. After a steady ascent in the day’s opening minutes to reach the intraday high of $3.189 the contract then fell to the $3.160 mark by 10:00AM. As the weekly storage publication hit the wire thirty minutes later, prices momentarily peaked above $3.170 before plummeting lower. Recording the intraday low of $3.110 at 10:50AM, the market found stability near $3.130 and traded sideways into the afternoon. Sinking below $3.120 near 1:30PM, March then climbed upward to finish higher on Thursday at $3.141.
The EIA Natural Gas Storage Report published on Thursday showed a 152 BCF withdrawal from storage for the week ended February 3rd – even with the market estimate. It is worth noting that the withdrawal included a reclassification from working gas to base gas of roughly 5 BCF. Total working gas in storage was reported as 2,559 BCF, 11.3% below this time last year and 1.8% above the five-year average.
This morning in Globex, WTI Crude was up 87 cents; Natural Gas was down 11 cents; Heating Oil was up three cents; and, Gasoline was up three cents. Additionally, cash prices were nearly unchanged in both regions.
Natural Gas Glossary
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