March NYMEX Natural Gas Futures Contract Closed at $2.911 on Wednesday, February 10th

Wednesday, February 10th saw the front-month NYMEX Natural Gas Futures Contract open at $2.851, nearly two cents above Tuesday’s closing price of $2.835.  Falling to an intraday low of $2.838 within minutes of 9:00AM, as it did on Tuesday, the contract then mounted a choppy ascent as we draw near to the arrival of polar temperatures.  Crossing midday at $2.923 and reaching an intraday high of $2.938 at 1:20PM, March closed higher on Wednesday at $2.911.

The EIA Natural Gas Storage Report is due out today at 10:30AM. The report is expected to show a 184 BCF withdrawal from storage for the week ended February 5th. This compares to a 115 BCF withdrawal at this time last year and a five-year average withdrawal amount of 125 BCF.

As of 8:50AM EST this morning in Globex, WTI Crude was down 15 cents; Natural Gas was up eight cents; Heating Oil was down slightly; and Gasoline was unchanged.

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