March NYMEX Natural Gas Futures Contracts Closed at $2.702 on Wednesday, February 7th

Wednesday, February 7th saw the front-month NYMEX Natural Gas Futures Contracts open at $2.752, slightly below Tuesday’s closing price of $2.759.  Recording the intraday high as markets opened, bearish sentiment has dominated the market in recent trading sessions as mild weather has tempered the rate of storage erosion, the market will need additional support before posting a recovery.  Tumbling lower to the intraday low of $2.688 by 11:30AM, a midday recovery near the $2.73 mark ultimately saw March close lower on Wednesday at $2.702.

The EIA Natural Gas Storage Report is due out at 10:30AM today.  The report is expected to show a 115 BCF withdrawal from storage for the week ended February 2nd.  This compares to a 152 BCF withdrawal at this time last year and a five-year average withdrawal amount of 151 BCF.

This morning in Globex, WTI Crude was down 24 cents; Natural Gas was up three cents; Heating Oil was down one cent; and, Gasoline was up slightly. 
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