Thursday, February 4th saw the front-month NYMEX Natural Gas Futures Contract open at $2.835, a penny below Wednesday’s closing price of $2.789. Trading along $2.805 through 10:30AM, prices initially fell to an intraday low of $2.776 as the weekly storage publication hit the wire. Recovering soon thereafter as weather forecasts continue to lean bullish for the coming weeks, the contract crossed midday at $2.384 and continued to an intraday high of $2.939 at 2:20PM. March closed higher on Thursday at $2.935.
The EIA Natural Gas Storage Report published on Thursday showed a 192 BCF withdrawal from storage for the week ended January 29th – in line with the market estimate expectation of 190 BCF. Total working gas in storage was reported as 2,689 BCF; 1.5% above this time last year and 7.9% above the five-year average.
As of 6:45AM EST this morning in Globex, WTI Crude was up 54 cents; Natural Gas was up 10 cents; Heating Oil was up three cents; and Gasoline was up two cents.
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