March NYMEX Natural Gas Futures Contract Closed at $2.471 on Wednesday, February 15th

Wednesday, February 15th saw the front-month NYMEX Natural Gas Futures Contract open at $2.538, three cents below Tuesday’s closing price of $2.567. Posting an arching ascent through the morning hours, prices rose gradually to the intraday high of $2.581 by 11:25AM. The partial restart of the LNG Freeport terminal and the chance of a late-month cold spell provided support. Trending lower into the afternoon, the contract recorded the intraday low of $2.465 ahead of 2:30PM. March closed lower on Wednesday at $2.471.

The EIA Natural Gas Storage Report is due out on Thursday at 10:30AM. The report is expected to show a 197 BCF withdrawal from storage for the week ended February 3. This compares to a 190 BCF withdrawal at this time last year and a five-year average withdrawal amount of 166 BCF.

As of 7:00AM EST this morning in Globex, WTI Crude was up 25 cents; Natural Gas was up seven cents; Heating Oil was down one cent; and Gasoline was down one cent.
                                                                                                       
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