Friday, February 10th saw the front-month NYMEX Natural Gas Futures Contract open at $2.448, two cents above Thursday’s closing price of $2.430. Seeking direction as the contract floated along either side of $2.460 through the morning hours, tallying an intraday low of $2.438 ahead of 11:00AM, traders mounted an ascent as midday drew near. Hanging their hopes on the chance of a frigid end to the month, prices crept higher into the intraday high of $2.553 at 12:20PM. March closed higher on Friday at $2.514; up 4% on the week.
The EIA Natural Gas Storage Report published on Thursday showed a 217 BCF withdrawal from storage for the week ended February 3 – above the market estimate of 197 BCF. Total working gas in storage was reported as 2,366 BCF; 10.9% above this time last year and 5.2% above the five-year average.
As of 6:30AM EST this morning in Globex, WTI Crude was down 48 cents; Natural Gas was up four cents; Heating Oil was down one cent; and Gasoline was down one cent.
For access to Sprague’s full Natural Gas Market Watch Report including commentary not posted here, please send your request to natgas@spragueenergy.com or call 1-855-466-2842.
