March NYMEX Natural Gas Futures Contract Closed at $1.844 on Wednesday, February 12th

Wednesday, February 12th saw the front-month NYMEX Natural Gas Futures Contract open at $1.826, four cents above Tuesday’s closing price of $1.788.  Despite marking an intraday low of $1.812 soon after markets opened, traders appeared eager to continue the previous session’s momentum as prices gapped higher overnight.  Traveling hesitantly upward throughout the day, the possibility of two rounds of frigid temperature over the next two weeks is currently providing support.  Reaching up to an intraday high of $1.855 at 2:10PM, March closed higher on Wednesday at $1.844.

The EIA Natural Gas Storage Report is due out at 10:30AM today. The report is expected to show a 110 BCF withdrawal from storage for the week ended February 7th. This compares to a 78 BCF withdrawal at this time last year and a five-year average withdrawal amount of 131 BCF.

As of 8:50AM EST this morning in Globex, WTI Crude was up 11 cents; Natural Gas was up two cents; Heating Oil was up slightly; and Gasoline was down slightly. 

Natural Gas Glossary
Natural Gas Supplier
                                                                                                 
For access to Sprague’s full Natural Gas Market Watch Report including commentary not posted here, please send your request to natgas@spragueenergy.com or call 1-855-466-2842.
 
 

Share:
RSS
Follow by Email
Facebook
X (Twitter)

This market update is provided for information purposes only and is not intended as advice on any transaction nor is it a solicitation to buy or sell commodities. Sprague makes no representations or warranties with respect to the contents of such news, including, without limitation, its accuracy and completeness, and Sprague shall not be responsible for the consequence of reliance upon any opinions, statements, projections and analyses presented herein or for any omission or error in fact. The views expressed in this material are through the period as of the date of this report and are subject to change based on market and other conditions. This document contains certain statements that may be deemed forward-looking statements. Please note that any such statements are not guarantees of any future performance or results and actual results or developments may differ materially from those projected. The whole or any part of this work may not be reproduced, copied, or transmitted or any of its contents disclosed to third parties without Sprague’s express written consent.