February 10, 2022
Wednesday, February 9
th saw the front-month NYMEX Natural Gas Futures Contract open at of $4.051, twenty cents below Tuesday’s closing price of $4.248. Reaching the intraday high of $4.064 ahead of 10:00AM, updated weather forecasts showing a reduction to expected heating demand diminished prices throughout the day. Losing most of its value overnight, the contract slipped to a two-week intraday low of $3.983 at midday, ultimately closing lower at $4.009.
The EIA Natural Gas Storage Report is due out on Thursday at 10:30AM. The report is expected to show a 211 BCF withdrawal from storage for the week ended February 4. This compares to a 171 BCF withdrawal at this time last year and a five-year average withdrawal amount of 150 BCF.
As of 6:40AM EST this morning in Globex, WTI Crude was up 97 cents; Natural Gas was down two cents; Heating Oil was up two cents; and Gasoline was up two cents.
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