Thursday, February 11th saw the front-month NYMEX Natural Gas Futures Contract open at $3.024, eleven cents above Wednesday’s closing price of $2.911. Reaching up to an intraday high of 3.045 at 9:15AM, prices then moved decidedly lower. Trading near $2.955 ahead of the weekly storage publication, the contract continued its downward trajectory until finding an intraday low of $2.844 at 12:40PM. March closed lower on Thursday at $2.868.
The EIA Natural Gas Storage Report published on Thursday showed a 171 BCF withdrawal from storage for the week ended February 5th – below the market estimate expectation of 184 BCF. Total working gas in storage was reported as 2,518 BCF; 0.4% above this time last year and 6.4% above the five-year average.
As of 6:30AM EST this morning in Globex, WTI Crude was down 48 cents; Natural Gas was down one cent; Heating Oil was down one cent; and Gasoline was down one cent.
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