February 13, 2024
Monday, February 12
th saw the front-month NYMEX Natural Gas Futures Contract open at $1.829, two cents below Friday’s closing price of $1.847. Achieving an intraday high of $1.863 by 10:00AM, prices were directed lower by extended forecasts for low demand in key markets. Giving in to steady production and comfortable temperatures, the contract withdrew to cross midday at $1.823 and fell to an intraday low of $1.759 ahead of 2:30PM. March closed lower on Monday at $1.768.
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 8:20AM EST this morning in Globex, WTI Crude was up 65 cents; Natural Gas was down slightly; Heating Oil was up two cents; and Gasoline was up one cent.
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