Thursday, February 22nd saw the front-month NYMEX Natural Gas Futures Contracts open at $2.641, two cents below Wednesday’s closing price of $2.659. Climbing to seesaw along the $2.65 mark through 10:30AM, a brief uptick to the intraday high of $2.670 quickly subsided, despite the storage withdrawal landing above market expectations. Trading sideways along $2.645 until 1:00PM, selling took hold as the day drew on as March closed lower on Thursday at $2.634.
The EIA Natural Gas Storage Report published on Thursday showed a 124 BCF withdrawal from storage for the week ended February 16th – above the market estimate of 120 BCF. Total working gas in storage was reported as 1,760 BCF; 25.7% below this time last year and 19.0% below the five-year average.
This morning in Globex, WTI Crude was down five cents; Natural Gas was down six cents; Heating Oil was down slightly; and, Gasoline was unchanged.
Natural Gas Glossary
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