February 6, 2024
Monday, February 5
th saw the front-month NYMEX Natural Gas Futures Contract open at $2.058, two cents below Friday’s closing price of $2.079. Recording the intraday low of $2.051 within minutes of the open, the contract traded within a narrow band throughout the day as fundamentals remained largely unchanged. Crossing midday at $2.064, prices rose to tally an intraday high of $2.102 by 2:15PM. March closed nearly flat on Monday at $2.082.
The EIA Natural Gas Storage Report published last Thursday showed a 200 BCF withdrawal from storage for the week ended January 26 – on par with the market estimate 200 BCF. Total working gas in storage was reported as 2,658 BCF; 2.1% above this time last year and 5.1% above the five-year average.
As of 8:15AM EST this morning in Globex, WTI Crude was up 66 cents; Natural Gas was down three cents; Heating Oil was up two cents; and Gasoline was up one cent.
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