Thursday, February 27th saw the front-month NYMEX Natural Gas Futures Contract open at $3.950, down $0.009 compared to Wednesday’s closing price of $3.959. Reclaiming the $4.00 level by 9:30AM, the contract traded sideways leading up to the weekly storage publication. Landing on the bullish end of market expectations, prices rose to record the intraday high of $4.064 at 11:05AM. Pulling back through the balance of the day as weather forecasts remain unsupportive and steady production, April marked the intraday low of $3.930 ahead of 2:30PM, ultimately closing lower at $3.934.
The EIA Natural Gas Storage Report published on Thursday posted a 261 BCF withdrawal from storage for the week ended February 21 – below the market estimate of a 271 BCF withdrawal. Total working gas in storage was reported as 1,840 BCF; 23.4% below this time last year and 11.5% below the five-year average.
As of 6:50AM this morning in Globex, WTI Crude was down $0.900; Natural Gas was down $0.030; Heating Oil was down $0.018; and Gasoline was down $0.013.
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