March 1, 2021
Friday, February 26
th saw the front-month NYMEX Natural Gas Futures Contract open at $2.731, four cents below Thursday’s closing price of $2.777. Falling to an intraday low of $2.707 by 9:10AM, prices then traded along either side of $2.740 until midday. Trending higher into the afternoon, recording an intraday high of $2.786 at 1:20PM, a shot of cold weather expected to arrive at the end of the first week of March provided support. April closed slightly lower on Friday at $2.771.
The EIA Natural Gas Storage Report published on Thursday showed a 338 BCF withdrawal from storage for the week ended February 19
th – above the market estimate expectation of 280 BCF. Total working gas in storage was reported as 1,943 BCF; 13.3% below this time last year and 7.7% below the five-year average.
As of 7:05AM EST this morning in Globex, WTI Crude was up 61 cents; Natural Gas was up two cents; Heating Oil was up one cent; and Gasoline was up two cents.
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