Friday, February 11th saw the front-month NYMEX Natural Gas Futures Contract open at of $3.902, nearly six cents below Thursday’s closing price of $3.959. Trading within a tight band near $3.900 through midday, marking the intraday low of $3.876 at 11:15AM, mild forecasts have significantly diminished the contract over the week. Experiencing volatility to close out the day, reaching to an intraday high of $4.040 at 2:20PM, March closed lower on Friday at $3.941; down nearly 14% on the week.
The EIA Natural Gas Storage Report published on Thursday showed a 222 BCF withdrawal from storage for the week ended February 4 – above the market estimate of 211 BCF. Total working gas in storage was reported as 2,101 BCF; 17.3% below this time last year and 9.3% below the five-year average.
As of 6:30AM EST this morning in Globex, WTI Crude was up three cents; Natural Gas was up twenty cents; Heating Oil was unchanged; and Gasoline was unchanged.
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