March NYMEX Natural Gas Futures Contract Closed at $3.219 on Wednesday, February 17th

Market Insights
Natural Gas
February 18, 2021
Wednesday, February 17th saw the front-month NYMEX Natural Gas Futures Contract open at $3.117, a penny below Tuesday’s closing price of $3.129.  Falling to an intraday low of $3.072 at 9:40AM, prices hovered near $3.095 through 11:00AM.  Mounting a steady ascent soon thereafter to cross midday near $3.149, the contract then surged to a fresh three-month intraday high of $3.316 at 12:50PM as frigid temperatures continue plague the central U.S.  March closed higher on Wednesday at $3.219.

The EIA Natural Gas Storage Report is due out today at 10:30AM. The report is expected to show a 227 BCF withdrawal from storage for the week ended February 12th. This compares to a 151 BCF withdrawal at this time last year and a five-year average withdrawal amount of 142 BCF.

As of 7:35AM EST this morning in Globex, WTI Crude was up 43 cents; Natural Gas was up three cents; Heating Oil was up two cents; and Gasoline was up one cent.

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