February 8, 2023
Tuesday, February 7
th saw the front-month NYMEX Natural Gas Futures Contract open at $2.504 five cents above Monday’s closing price of $2.457. Making gains early on as the latest forecasts are showing a possible return for frigid temperatures by month-end, the contract rose to $2.586 ahead of 10:00AM. Catching its breath as prices danced around the $2.52 level through midday, traders then mounted a second ascent to record the intraday high of $2.615 at 2:05PM. March closed higher on Tuesday at $2.584.
The EIA Natural Gas Storage Report is due out on Thursday at 10:30AM. The report is expected to show a 197 BCF withdrawal from storage for the week ended February 3. This compares to a 222 BCF withdrawal at this time last year and a five-year average withdrawal amount of 171 BCF.
As of 6:40AM EST this morning in Globex, WTI Crude was up 63 cents; Natural Gas was down slightly; Heating Oil was up four cents; and Gasoline was up one cent.
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