Wednesday, February 14th saw the front-month NYMEX Natural Gas Futures Contracts open at $2.562, three cents below Tuesday’s closing price of $2.594. Recovering to the $2.60 level soon after markets opened, prices rose to the intraday high of $2.619 ahead of 10:00AM. Supported to this point by expectations of an above average storage withdrawal, the contract then stepped lower to fluctuate along $2.595 for the majority of the day. In spite of uncertain short-term forecasts, March closed nearly flat on Wednesday at $2.587.
The EIA Natural Gas Storage Report is due out at 10:30AM today. The report is expected to show a 186 BCF withdrawal from storage for the week ended February 9th. This compares to a 114 BCF withdrawal at this time last year and a five-year average withdrawal amount of 154 BCF.
This morning in Globex, WTI Crude was down 14 cents; Natural Gas was down three cents; Heating Oil was down one cent; and, Gasoline was up slightly.
Natural Gas Glossary
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