Wednesday, February 28th saw the front-month NYMEX Natural Gas Futures Contracts open at $2.682, flat to Tuesday’s closing price of $2.683. Peaking at the intraday high of $2.710 soon after markets opened, uncertain sentiment in regards to market fundamentals saw the contract seesaw along $2.695 through 10:00AM before ultimately stepping lower. Trading along $2.680 for the majority of the day, while dipping to the intraday low of $2.663 at 12:20PM and again two hours later, April closed lower on Wednesday at $2.667.
The EIA Natural Gas Storage Report is due out at 10:30AM today. The report is expected to show a 75 BCF withdrawal from storage for the week ended February 23rd. This compares to a 7 BCF injection at this time last year and a five-year average withdrawal amount of 118 BCF.
This morning in Globex, WTI Crude was down 37 cents; Natural Gas was down two cents; Heating Oil was down one cent; and, Gasoline was down one cent.
Natural Gas Glossary
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