Tuesday, February 28th saw the front-month NYMEX Natural Gas Futures Contract open at $2.661, seven cents below Monday’s closing price of $2.731. Continuing the pre-opening downward momentum to reach an intraday low of $2.568 at 11:30AM, traders pulled back overnight to realign with market fundamentals following the March contract settlement. With below-average temperatures still slated for the short-term, bulls rushed in for the afternoon to drive prices north of the $2.700 level. Marking the intraday high of $2.753 ahead of 2:30PM, April closed higher on Tuesday at $2.747.
The EIA Natural Gas Storage Report is due out on Thursday at 10:30AM. The report is expected to show a 79 BCF withdrawal from storage for the week ended February 24. This compares to a 139 BCF withdrawal at this time last year and a five-year average withdrawal amount of 134 BCF.
As of 7:25AM EST this morning in Globex, WTI Crude was down 53 cents; Natural Gas was up one cent; Heating Oil was up one cent; and Gasoline was unchanged.
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