Thursday, February 15th saw the front-month NYMEX Natural Gas Futures Contracts open at $2.569, two cents below Wednesday’s closing price of $2.587. Struggling to regain overnight losses through 10:30AM, a bullish storage report then lifted prices to the intraday high of $2.607. Lacking fundamental support from both short- and long-term forecasts, the contract tumbled to the intraday low of $2.549 an hour later. Climbing steadily into the afternoon, March proceeded to close slightly lower on Thursday at $2.580.
The EIA Natural Gas Storage Report published on Thursday showed a 194 BCF withdrawal from storage for the week ended February 9th – above the market estimate of 186 BCF. Total working gas in storage was reported as 1,884 BCF; 23.5% below this time last year and 18.7% below the five-year average.
This morning in Globex, WTI Crude was unchanged; Natural Gas was down four cents; Heating Oil was up one cent; and, Gasoline was unchanged.
Natural Gas Glossary
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.
