Thursday, February 15th saw the front-month NYMEX Natural Gas Futures Contract open at $1.667, four cents below Wednesday’s closing price of $1.609. Marking the intraday high as markets opened, prices stepped lower to trade along $1.620 leading up to the weekly storage publication. Seeking direction in the minutes following the bearish report, the contract ultimately fell to record the intraday low of $1.573 at midday. March closed lower on Thursday at $1.581.
The EIA Natural Gas Storage Report published on Thursday showed a 49 BCF withdrawal from storage for the week ended February 9 – below the market estimate 65 BCF. Total working gas in storage was reported as 2,535 BCF; 11.2% above this time last year and 15.9% above the five-year average.
As of 7:00AM EST this morning in Globex, WTI Crude was down 53 cents; Natural Gas was up one cent; Heating Oil was down five cents; and Gasoline was down three 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.
