Wednesday, February 12th saw the front-month NYMEX Natural Gas Futures Contract open at $3.531, up $0.012 compared to Tuesday’s closing price of $3.519. With little change to weather models overnight, prices traded along $3.550 through 10:30AM. Posting a brief decline to the intraday low of $3.490 at 10:55AM, the contract found its footing once again as LNG demand continues to provide support. Ascending to the intraday high of $3.583 at 2:20PM, March closed higher on Wednesday at $3.565.
The EIA Natural Gas Storage Report is due out Thursday at 10:30AM. The report is expected to show a 91 BCF withdrawal from storage for the week ended February 7. This compares to a 54 BCF withdrawal this time last year and a five-year average withdrawal amount of 144 BCF.
As of 8:40AM this morning in Globex, WTI Crude was down $0.790; Natural Gas was up $0.031; Heating Oil was down $0.039; and Gasoline was up $0.019.
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