Wednesday, February 28th saw the front-month NYMEX Natural Gas Futures Contract open at $1.857, five cents above Tuesday’s closing price of $1.808. Supported by short-term cold settling in the Midwest and cuts to production, prices tallied an intraday low of $1.844 at 9:30AM before trending higher for the balance of the session. Trading sideways near $1.865 heading into the afternoon, the contract peaked at an intraday high of $1.890 at 1:15PM. April closed higher on Wednesday at $1.885.
The EIA Natural Gas Storage Report is due out on Thursday at 10:30AM. The report is expected to show an 84 BCF withdrawal from storage for the week ended February 23rd. This compares to an 81 BCF withdrawal this time last year and a five-year average withdrawal amount of 143 BCF.
As of 6:20AM EST this morning in Globex, WTI Crude was down 14 cents; Natural Gas was up one cent; Heating Oil was down two cents; and Gasoline was down one cent.
For access to Sprague’s full Natural Gas Market Watch Report including commentary not posted here, please send your request to natgas@spragueenergy.com or call 1-855-466-2842.
