February 15, 2024
Wednesday, February 14
th saw the front-month NYMEX Natural Gas Futures Contract open at $1.646, four cents below Tuesday’s closing price of $1.689. Receiving no love from market fundamentals, the contract once again tallied the intraday high early on before treading lower. Retreating from the intraday high of $1.672 at 9:45AM, steady production and mild forecasts lead prices to record an intraday low of $1.590 at 11:45AM. Trading along the $1.610 level throughout the afternoon, March closed lower on Wednesday at $1.609.
The EIA Natural Gas Storage Report is due out on Thursday at 10:30AM. The report is expected to show a 65 BCF withdrawal from storage for the week ended February 9
th. This compares to a 100 BCF withdrawal this time last year and a five-year average withdrawal amount of 149 BCF.
As of 6:25AM EST this morning in Globex, WTI Crude was down 67 cents; Natural Gas was up two cents; Heating Oil was down three cents; and Gasoline was down four cents.
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