Tuesday, February 20th saw the front-month NYMEX Natural Gas Futures Contract open at $1.584, roughly two cents below Friday’s closing price of $1.609. Knocked down over the long weekend due to increasingly bearish forecasts to close out the month, prices rose to an intraday high of $1.607 at 11:00AM. Trading along $1.580 throughout the afternoon, marking the intraday low of $1.566 at 12:45PM, March closed lower on Tuesday at $1.576.
The EIA Natural Gas Storage Report is due out on Thursday at 10:30AM. The report is expected to show a 74 BCF withdrawal from storage for the week ended February 16th. This compares to a 71 BCF withdrawal this time last year and a five-year average withdrawal amount of 168 BCF.
As of 7:40AM EST this morning in Globex, WTI Crude was down 23 cents; Natural Gas was up 17 cents; Heating Oil was up slightly; and Gasoline was up two cents.
For access to Sprague’s full Natural Gas Market Watch Report including commentary not posted here, please send your request to natgas@spragueenergy.com or call 1-855-466-2842.