Thursday, February 7th saw the front-month NYMEX Natural Gas Futures Contracts open at $2.625, slightly above Wednesday’s closing price of $2.662. Tallying an intraday high of $2.636 at 9:20AM, prices slid to $2.615 ahead of the 10:30AM storage publication. Directed downward upon news of a bearish storage withdrawal, the contract crossed the $2.56 level shortly after 12:30PM. Straddling this mark over the balance of the day, March bottomed out at the intraday low of $2.549 before closing at $2.551 on Thursday.
The EIA Natural Gas Storage Report published on Thursday showed a 237 BCF withdrawal from storage for the week ended February 1st – below the market estimate of 250 BCF. Total working gas in storage was reported as 1,960 BCF; 6.4% below this time last year and 17.5% below the five-year average.
This morning in Globex, WTI Crude was up 14 cents; Natural Gas was up four cents; Heating Oil was up one cent; and Gasoline was up one cent.
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