Friday, February 24
th saw the front-month NYMEX Natural Gas Futures Contract open at $2.322, a penny above Thursday’s closing price of $2.314. March settled higher at $2.451.
Set to assume the front-month position today, April opened at $2.424 on Friday, a penny below Thursday’s closing price of $2.432. Ascending from the intraday low of $2.420 early on, the contract chopped around either side of $2.500 through the morning hours. Riding the momentum from the previous session’s technical trading and Freeport -induced rally, prices rose to an intraday high of $2.555 at 1:50PM. April closed higher on Friday at $2.548.
The EIA Natural Gas Storage Report published on Thursday showed a 71 BCF withdrawal from storage for the week ended February 17 – in line with the market estimate of 68 BCF. Total working gas in storage was reported as 2,195 BCF; 21.9% above this time last year and 15.2% above the five-year average.
As of 6:50AM EST this morning in Globex, WTI Crude was down 41 cents; Natural Gas was up seven cents; Heating Oil was up one cent; and Gasoline was up one cent.
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