Thursday, February 21st saw the front-month NYMEX Natural Gas Futures Contracts open at $2.674, roughly three cents above Wednesday’s closing price of $2.636. Trading fluctuated around $2.675 leading up to the release of the EIA Natural Gas Storage Report at 10:30AM. The contracts spiked to an intraday high of $2.701 following the publication, only to retract as low as $2.668 forty minutes later. Leading into the lunch-hour, bulls dominated Thursday’s trading up until the close where the contracts settled at $2.697.
The EIA Natural Gas Storage Report published on Thursday showed a 177 BCF withdrawal from storage for the week ended February 15th – larger than the market estimate of 168 BCF. Total working gas in storage was reported as 1,705 BCF; 4.1% below this time last year and 17.5% below the five-year average.
This morning in Globex, WTI Crude was up 76 cents; Natural Gas was down one cent; Heating Oil was up one cent; and Gasoline was up one cent.
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