Wednesday, February 26th – settlement day for the March Contract – saw the front-month NYMEX Natural Gas Futures Contract open at $1.863, nearly two cents above Tuesday’s closing price of $1.847. Extending to an intraday high of $1.880 by 9:20AM, prices then posted a steady descent throughout the day’s session. Bottoming out at an intraday low of $1.810 at 2:10PM, March settled lower on Wednesday at $1.821. Primed to assume the prompt month position, the April contract tallied an intraday high of $1.886 at 9:50AM and moved lower as the day drew on to reach an intraday low of $1.832 at 2:20PM. The April contract closed lower on Wednesday at $1.837.
The EIA Natural Gas Storage Report is due out at 10:30AM today. The report is expected to show a 152 BCF withdrawal from storage for the week ended February 21st. This compares to a 166 BCF withdrawal at this time last year and a five-year average withdrawal amount of 122 BCF.
As of 8:50AM EST this morning in Globex, WTI Crude was down $1.89 cents; Natural Gas was down six cents; Heating Oil was down four cents; and Gasoline was down eight cents.
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