Tuesday, February 24th saw the front-month NYMEX Natural Gas contract open at $2.946, $0.039 below Monday’s closing price $2.985. Trading steadily higher throughout the day to try and reclaim the $3.00 level, above-average temperature covering much of the country and steady production proved to be a valiant opponent, as prices topped out at an intraday high of $2.997 at 11:35AM and again at 12:25PM. Falling to a five-month intraday low of $2.905 at 2:20PM, March closed lower on Tuesday at $2.915
Ready to assume the front-month position on Thursday, the April contract closed $0.090 lower on Tuesday at $2.831.
The EIA Natural Gas Storage Report is due out Thursday at 10:30AM. The report is expected to show a 38 BCF withdrawal from storage for the week ended February 20. This compares to a 261 BCF withdrawal this time last year and a five-year average withdrawal amount of 168 BCF.
As of 6:30AM this morning in Globex, WTI Crude was up $0.210; Natural Gas was down $0.004 Heating Oil was down $0.044; and Gasoline was up $0.012.
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
