Wednesday, February 21st saw the front-month NYMEX Natural Gas Futures Contracts open at $2.647, three cents above Tuesday’s closing price of $2.616. Building upon the previous day’s gains, the under-valued market rose out of the gate to reach a two-week intraday high of $2.680 by 10:00AM. With moderate heating demand expected through the end of the winter season, the contract held near $2.665 for the majority of the day. March closed higher on Wednesday at $2.659.
The EIA Natural Gas Storage Report is due out at 10:30AM today. The report is expected to show a 120 BCF withdrawal from storage for the week ended February 16th. This compares to an 89 BCF withdrawal at this time last year and a five-year average withdrawal amount of 145 BCF.
This morning in Globex, WTI Crude was down 15 cents; Natural Gas was down two cents; Heating Oil was down slightly; and, Gasoline was down one cent.
Natural Gas Glossary
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