February 23, 2024
Thursday, February 22nd saw the front-month NYMEX Natural Gas Futures Contract open at $1.698, nearly eight cents below Wednesday’s closing price of $1.773. Ascending to $1.732 by 9:35AM, prices withdrew to trade near $1.710 ahead of the weekly storage publication. Sinking to record the intraday low of $1.661 ahead of 11:00AM, the contract traded sideways near 1.675 through midday. Having wandered into oversold territory, March ended the day with a rally to mark the intraday high of $1.738 before closing lower on Thursday at $1.732.
The EIA Natural Gas Storage Report published on Thursday showed a 60 BCF withdrawal from storage for the week ended February 16 – in line with the market estimate 64 BCF. Please note a revision in the East Region from the prior week’s report of 5 BCF, changing last week’s total withdrawal from 49 BCF to 54 BCF. Total working gas in storage was reported as 2,470 BCF; 12.0% above this time last year and 22.3% above the five-year average.
As of 8:30AM EST this morning in Globex, WTI Crude was down $1.38; Natural Gas was down 11 cents; Heating Oil was down four cents; and Gasoline was down three cents.
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