February 24, 2022
Wednesday, February 23
rd saw the front-month NYMEX Natural Gas Futures Contract open at of $4.558, six cents above Tuesday’s closing price of $4.498. Ascending to an intraday high of $4.704 at 10:30AM, geopolitical tensions and expected frigid temperatures continue to inject volatility into the market. Falling to $4.630 by midday, the contract sought direction as the afternoon drew on as March closed higher at $4.623.
The more actively traded April contract closed 3% higher at $4.593.
The EIA Natural Gas Storage Report is due out on Thursday at 10:30AM. The report is expected to show a 121 BCF withdrawal from storage for the week ended February 18. This compares to a 338 BCF withdrawal at this time last year and a five-year average withdrawal amount of 166 BCF.
As of 7:05AM EST this morning in Globex, WTI Crude was up $7.09; Natural Gas was up 16 cents; Heating Oil was up 19 cents; and Gasoline was up 17 cents.
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