Wednesday, February 6th saw the front-month NYMEX Natural Gas Futures Contracts open at $2.688, nearly three cents above Tuesday’s closing price of $2.662. Trending gradually lower until finding the intraday low of $2.651 ahead of midday, the contract then mounted an ascent to reach the intraday high of $2.700 by 12:20PM. Awaiting news from today’s storage report, prices remained largely unchanged as March closed at $2.662 on Wednesday.
The EIA Natural Gas Storage Report is due out at 10:30AM today. The report is expected to show a 250 BCF withdrawal from storage for the week ended February 1st. This compares to a 119 BCF withdrawal at this time last year and a five-year average withdrawal amount of 150 BCF.
This morning in Globex, WTI Crude was down 68 cents; Natural Gas was down five cents; Heating Oil was down one cent; and Gasoline was down two cents. Additionally, cash prices were lower in New York and New England.
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