February 7, 2022
Friday, February 4
th saw the front-month NYMEX Natural Gas Futures Contract open at $4.774, eleven cents below Thursday’s closing price of $4.888. Ascending to an intraday high of $4.905 at 10:00AM, the contract then moved decidedly lower as short-term forecasts turned mild in parts of the country. Crossing midday near $4.762 and marking an intraday low of $4.563 ahead of 2:30PM, March closed lower on Friday at $4.572; down roughly 1% on the week.
The EIA Natural Gas Storage Report published on Thursday showed a 268 BCF withdrawal from storage for the week ended January 28 – 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 6:50AM EST this morning in Globex, WTI Crude was down 69 cents; Natural Gas was down 18 cents; Heating Oil was up three cents; and Gasoline was up one cent.
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