April NYMEX Natural Gas Futures Contracts Closed at $2.812 on Thursday, February 28th

Thursday, February 28th saw the front-month NYMEX Natural Gas Futures Contract open at $2.833, roughly three cents above Wednesday’s closing price of $2.799.  Recording the intraday high of $2.843 at 9:30AM, as prices traded within a two-cent band of $2.830 through 10:30AM, the weekly storage publication then directed the contract lower.  Despite news of the above-average withdrawal, the report was in line with traders’ expectations as prices fell to the intraday low of $2.787 an hour later.  Finding stability near $2.810 as the day drew on, all eyes are now looking to how long below-average temperatures will stretch into March.  The April contract closed higher on the day at $2.812.

The EIA Natural Gas Storage Report published on Thursday showed a 166 BCF withdrawal from storage for the week ended February 22nd – below the market estimate of 175 BCF.  Total working gas in storage was reported as 1,539 BCF; 9.1% below this time last year and 21.6% below the five-year average.

This morning in Globex, WTI Crude was down 12 cents; Natural Gas was unchanged; Heating Oil was down one cent; and Gasoline was up slightly.  
 
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