February 27, 2024
Monday, February 26
th saw the front-month NYMEX Natural Gas Futures Contract open at $1.709, ten cents above Friday’s closing price of $1.603. Supported by last week’s news of a drop in production and uncertainty surrounding the front-month’s impending settlement, the contract peaked at an intraday high of $1.730 within minutes of opening. Prices then moved decidedly lower throughout the day, crossing midday at $1.684 and recording the intraday low of $1.594 at 1:55PM. March closed higher on Monday at $1.659.
The EIA Natural Gas Storage Report published last 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 5:50AM EST this morning in Globex, WTI Crude was down 19 cents; Natural Gas was down nine cents; Heating Oil was down two cents; and Gasoline was up one cent.
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