February 4, 2022
Thursday, February 3rd saw the front-month NYMEX Natural Gas Futures Contract open at $4.937, fifty-six cents below Wednesday’s closing price of $5.501. Falling to an intraday low of $4.816 by 9:15AM, prices recovered to trade near $5.020 ahead of the weekly storage release. Trending lower following the massive storage withdrawal, traders now seem to be calling into question the short-term weather forecasts and possible production disruptions. Crossing midday near $4.890, March closed lower on Thursday at $4.888.
The EIA Natural Gas Storage Report published on Thursday showed a 268 BCF withdrawal from storage for the week ended January 28th – above the market estimate of 225 BCF. Total working gas in storage was reported as 2,323 BCF; 14.5% below this time last year and 5.8% below the five-year average.
As of 6:35AM EST this morning in Globex, WTI Crude was up $1.57; Natural Gas was up two cents; Heating Oil was up four cents; and Gasoline was up three cents.
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