March 1, 2024
Thursday, February 29
th saw the front-month NYMEX Natural Gas Futures Contract open at $1.856, three cents below Wednesday’s closing price of $1.885. Recording the intraday low of $1.839 within minutes of the opening bell, prices traded sideways along $1.865 leading up to the weekly storage release. Peaking at an intraday high of $1.918 as the publication hit the wire, the contract was quick to withdraw to the $1.870 level. April closed slightly lower on Thursday at $1.860.
The EIA Natural Gas Storage Report published on Thursday showed a 96 BCF withdrawal from storage for the week ended February 23 – above the market estimate 84 BCF. Total working gas in storage was reported as 2,374 BCF; 11.7% above this time last year and 26.5% above the five-year average.
As of 6:50AM EST this morning in Globex, WTI Crude was up $1.28; Natural Gas was up two cents; Heating Oil was up two cents; and Gasoline was up three cents.
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