February 12, 2024
Friday, February 9
th saw the front-month NYMEX Natural Gas Futures Contract open at $1.871, nearly five cents below Thursday’s closing price of $1.917. Posting a meager ascent to tally the intraday high of $1.884 by 9:30AM, prices dwindled lower for the balance of the day as forecasts continue to flounder and production remains steady. Falling to the lowest intraday mark since fall of 2020, $1.828 at 1:15PM, March closed lower on Friday at $1.847.
The EIA Natural Gas Storage Report published last Thursday showed a 75 BCF withdrawal from storage for the week ended February 2 – on par with the market estimate 71 BCF. Total working gas in storage was reported as 2,584 BCF; 7.8% above this time last year and 10.6% above the five-year average.
As of 7:10AM EST this morning in Globex, WTI Crude was down 88 cents; Natural Gas was down two cents; Heating Oil was down five cents; and Gasoline was down slightly.
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