February 10, 2023
Thursday, February 9
th saw the front-month NYMEX Natural Gas Futures Contract open at $2.424, three cents above Wednesday’s closing price of $2.396. Trading along either side of the $2.44 level leading up to the weekly storage publication, prices rose briefly to just shy of the $2.500 level. Pulling back in the following thirty minutes despite the bullish withdrawal, the contract recorded an intraday low of $2.391 at 11:05AM. Mounting a recovery effort into the afternoon to record an intraday high of $2.529 at 1:25PM, March then withdrew to close higher at $2.430.
The EIA Natural Gas Storage Report published on Thursday showed a 217 BCF withdrawal from storage for the week ended February 3 – above the market estimate of 197 BCF. Total working gas in storage was reported as 2,366 BCF; 10.9% above this time last year and 5.2% above the five-year average.
As of 7:00AM EST this morning in Globex, WTI Crude was up $1.57; Natural Gas was up slightly; Heating Oil was up seven cents; and Gasoline was up five cents.
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