On Wednesday, February 27th – the April NYMEX Natural Gas Futures Contract began trading as the prompt month. Opening at $2.742, five cents below Tuesday’s closing price of $2.796, prices fell to the intraday low of $2.732 as markets opened. Reclaiming lost ground from the previous session’s selloff, bullish weather expected at the beginning of March directed the contract higher throughout the day. Crossing midday near the $2.79 level, April tallied the intraday high of $2.802 before closing higher on Wednesday at $2.799.
The EIA Natural Gas Storage Report is due out at 10:30AM today. The report is expected to show a 175 BCF withdrawal from storage for the week ended February 22nd. This compares to a 78 BCF withdrawal at this time last year and a five-year average withdrawal amount of 104 BCF.
This morning in Globex, WTI Crude was down seven cents; Natural Gas was up three cents; Heating Oil was unchanged; and Gasoline was unchanged.
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