February 29, 2024
Wednesday, February 28
th saw the front-month NYMEX Natural Gas Futures Contract open at $1.857, five cents above Tuesday’s closing price of $1.808. Supported by short-term cold settling in the Midwest and cuts to production, prices tallied an intraday low of $1.844 at 9:30AM before trending higher for the balance of the session. Trading sideways near $1.865 heading into the afternoon, the contract peaked at an intraday high of $1.890 at 1:15PM. April closed higher on Wednesday at $1.885.
The EIA Natural Gas Storage Report is due out on Thursday at 10:30AM. The report is expected to show an 84 BCF withdrawal from storage for the week ended February 23
rd. This compares to an 81 BCF withdrawal this time last year and a five-year average withdrawal amount of 143 BCF.
As of 6:20AM EST this morning in Globex, WTI Crude was down 14 cents; Natural Gas was up one cent; Heating Oil was down two cents; and Gasoline was down one cent.
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