Wednesday, February 5th saw the front-month NYMEX Natural Gas Futures Contract open at $1.833, four cents above Tuesday’s closing price of $1.872. Trickling down to an intraday low of $1.825 by 9:30AM, prices then surged to an intraday high of $1.871 at 10:40AM. Trading along either side of $1.855 through 2:00PM as traders attempted to reclaim the previous session’s gains, March closed lower on Wednesday at $1.861.
The EIA Natural Gas Storage Report is due out at 10:30AM today. The report is expected to show a 132 BCF withdrawal from storage for the week ended January 31st. This compares to a 237 BCF withdrawal at this time last year and a five-year average withdrawal amount of 143 BCF.
As of 9:05AM EST this morning in Globex, WTI Crude was down 10 cents; Natural Gas was down two cents; Heating Oil was up slightly; and Gasoline was down one cent.
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