Wednesday, February 24th – settlement day for the March contract – saw the front-month NYMEX Natural Gas Futures Contract open at $2.852, nearly three cents below Tuesday’s closing price of $2.879. March traded within a narrow band near $2.860 for the majority of the day, settling lower at $2.854. The April contract opened at $2.835, two cents below Tuesday’s closing price of $2.857. In a relatively quiet day, prices traded sideways near $2.835 throughout the session, tallying an intraday high of $2.849 at 9:30AM and an intraday low of $2.791 at 2:20PM. April closed lower on Wednesday at $2.795.
The EIA Natural Gas Storage Report is due out today at 10:30AM. The report is expected to show a 280 BCF withdrawal from storage for the week ended February 19th. This compares to a 143 BCF withdrawal at this time last year and a five-year average withdrawal amount of 120 BCF.
As of 7:30AM EST this morning in Globex, WTI Crude was up 29 cents; Natural Gas was up four cents; Heating Oil was up slightly; and Gasoline was up slightly.
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