Tuesday, February 17th saw the front-month NYMEX Natural Gas contract open at $3.082, $0.161 below Friday’s closing price $3.243. Continuing to trend lower as forecasts shift warmer and traders eye the end of the winter season, prices recorded an intraday high of $3.089 at 10:15AM. Crossing midday at $3.074, the contract fell to mark the intraday low of $3.015 at 1:15PM. March closed lower on Tuesday at $3.031.
The EIA Natural Gas Storage Report is due out Thursday at 10:30AM. The report is expected to show a 144 BCF withdrawal from storage for the week ended February 13. This compares to a 196 BCF withdrawal this time last year and a five-year average withdrawal amount of 151 BCF.
As of 8:30AM this morning in Globex, WTI Crude was up $1.580; Natural Gas was down $0.032 Heating Oil was up $0.056; and Gasoline was up $0.035.
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