March NYMEX Natural Gas Futures Contracts Closed at $2.697 on Thursday, February 8th

Thursday, February 8th saw the front-month NYMEX Natural Gas Futures Contracts open at $2.726, two cents above Wednesday’s closing price of $2.702.  Managing a modest ascent to the $2.74 mark in the day’s opening ninety minutes, a brief uptick to the intraday high of $2.758 as the weekly storage report was released quickly gave way to selling.  Descending to $2.715 by midday, prices realized additional losses into the afternoon as weather related support was absent.  Marking a six-week intraday low of $2.694 minutes ahead of closing, March finished lower on Thursday at $2.697.

The EIA Natural Gas Storage Report published on Thursday showed a 119 BCF withdrawal from storage for the week ended February 2nd – just above the market estimate of 115 BCF.  Total working gas in storage was reported as 2,078 BCF; 19.5% below this time last year and 15.9% below the five-year average.

This morning in Globex, WTI Crude was down 83 cents; Natural Gas was down five cents; Heating Oil was down two cents; and, Gasoline was down two cents.
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