March NYMEX Natural Gas Futures Contracts Closed at $2.580 on Thursday, February 15th

Thursday, February 15th saw the front-month NYMEX Natural Gas Futures Contracts open at $2.569, two cents below Wednesday’s closing price of $2.587.  Struggling to regain overnight losses through 10:30AM, a bullish storage report then lifted prices to the intraday high of $2.607.  Lacking fundamental support from both short- and long-term forecasts, the contract tumbled to the intraday low of $2.549 an hour later.  Climbing steadily into the afternoon, March proceeded to close slightly lower on Thursday at $2.580.

The EIA Natural Gas Storage Report published on Thursday showed a 194 BCF withdrawal from storage for the week ended February 9th – above the market estimate of 186 BCF.  Total working gas in storage was reported as 1,884 BCF; 23.5% below this time last year and 18.7% below the five-year average.

This morning in Globex, WTI Crude was unchanged; Natural Gas was down four cents; Heating Oil was up one cent; and, Gasoline was unchanged.

Natural Gas Glossary
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