March NYMEX Natural Gas Futures Contracts Closed at $2.575 on Wednesday, February 13th

Wednesday, February 13th saw the front-month NYMEX Natural Gas Futures Contracts open at $2.594, roughly nine cents below Tuesday’s closing price of $2.688.  Seesawing along either side of $2.590 through the balance of the morning, prices eventually scaled upwards to tally an intraday high $2.628 at 12:50PM.  As selling dominated the rest of the session, as March tallied an intraday low of $2.571 before closing lower on Wednesday at $2.575.

The EIA Natural Gas Storage Report is due out at 10:30AM today.  The report is expected to show an 83 BCF withdrawal from storage for the week ended February 8th.  This compares to a 194 BCF withdrawal at this time last year and a five-year average withdrawal amount of 160 BCF.

This morning in Globex, WTI Crude was up 22 cents; Natural Gas was up two cents; Heating Oil was up two cents; and Gasoline was up two cents.  Additionally, cash prices were lower in New York and higher in New England.
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