Wednesday, February 19th saw the front-month NYMEX Natural Gas Futures Contract open at $1.963, 2 cents below Tuesday’s closing price of $1.981. Following the open, prices quickly hit an intraday high of $1.976 at 10:00AM. From there, prices buoyed into the afternoon, before a quick drop to an intraday low of $1.946 at 2:20PM. Tuesday’s price finished at $1.955, almost 3 cents below the previous day’s closing price.
The EIA Natural Gas Storage Report is due out at 10:30AM today. The report is expected to show a 147 BCF withdrawal from storage for the week ended February 14th. This compares to a 163 BCF withdrawal at this time last year and a five-year average withdrawal amount of 137 BCF.
As of 9:00AM EST this morning in Globex, WTI Crude was up 71 cents; Natural Gas was down 1 cent; Heating Oil was up 1 cent; and Gasoline was up 2 cents.
New York and New England basis values were unchanged for all seasons. Additionally, cash prices were up in New York and New England.
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