March NYMEX Natural Gas Futures Contract Closed at $2.863 on Friday, February 5th

Friday, February 5th saw the front-month NYMEX Natural Gas Futures Contract open at $3.030, nearly ten cents above Thursday’s closing price of $2.935.  Reaching an intraday high of $3.053 as the weather-induced overnight rally found its peak, support soon faded as doubts about lingering cold drove out buyers.  Cascading lower to cross midday near $2.950, the contract fell to an intraday low of $2.860 ahead of closing.  March finished lower on Friday at $2.863.

The EIA Natural Gas Storage Report published on Thursday showed a 192 BCF withdrawal from storage for the week ended January 29th – in line with the market estimate expectation of 190 BCF. Total working gas in storage was reported as 2,689 BCF; 1.5% above this time last year and 7.9% above the five-year average.

As of 6:05AM EST this morning in Globex, WTI Crude was up 69 cents; Natural Gas was up five cents; Heating Oil was up two cents; and Gasoline was up two cents.

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