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. 

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