Friday, February 3rd saw the front-month NYMEX Natural Gas Futures Contract open at $2.446 seven cents above Thursday’s closing price of $2.456. Marking the intraday high of $2.457 within minutes of the open, prices soon trended lower. Trading along either side of $2.380 for the majority of the day, the real story was seen in the spot gas market as some locations rose north of $100. Reaching the intraday low of $2.341 at noon, March closed lower on Friday at $2.410.
The EIA Natural Gas Storage Report published on Thursday showed a 151 BCF withdrawal from storage for the week ended January 27 – in line with the market estimate of 147 BCF. Total working gas in storage was reported as 2,583 BCF; 9.4% above this time last year and 6.7% above the five-year average.
As of 6:20AM EST this morning in Globex, WTI Crude was up 34 cents; Natural Gas was down one cent; Heating Oil was up one cent; and Gasoline was up slightly.
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