February 20, 2024
Friday, February 16
th saw the front-month NYMEX Natural Gas Futures Contract open at $1.608, four cents below Thursday’s closing price of $1.581. Recording the intraday low of $1.590 within minutes to the open, the contract traded along $1.615 throughout the day as market fundamentals remain week due to weak demand and robust production. Marking the intraday high of $1.637 at 11:30 AM, March closed higher on Friday at $1.609; down nearly 13% on the week.
Markets were closed on Monday in observance of President’s Day.
The EIA Natural Gas Storage Report published last Thursday showed a 49 BCF withdrawal from storage for the week ended February 9 – below the market estimate 65 BCF. Total working gas in storage was reported as 2,535 BCF; 11.2% above this time last year and 15.9% above the five-year average.
As of 6:30AM EST this morning in Globex, WTI Crude was down 32 cents; Natural Gas was down one cent; Heating Oil was down two cents; and Gasoline was down four cents.
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