February 17, 2022
Wednesday, February 16
th saw the front-month NYMEX Natural Gas Futures Contract open at of $4.525, twenty-two cents above Tuesday’s closing price of $4.306. Boosted overnight by an expected increase in heating degrees, as cold is expected to return at the end of the month, prices fell to an intraday low of $4.469 at 9:50AM. Crossing midday near $4.590, prices rose to an intraday high of $4.740 ahead of 2:30PM. March closed higher on Wednesday at $4.717.
The EIA Natural Gas Storage Report is due out on Thursday at 10:30AM. The report is expected to show a 195 BCF withdrawal from storage for the week ended February 11. This compares to a 237 BCF withdrawal at this time last year and a five-year average withdrawal amount of 154 BCF.
As of 7:00AM EST this morning in Globex, WTI Crude was down $1.62; Natural Gas was down 16 cents; Heating Oil was down five cents; and Gasoline was down six cents.
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