March NYMEX Natural Gas Futures Contract Closed at $2.079 on Friday, February 2nd

Market Insights
Natural Gas
February 5, 2024
Friday, February 2nd saw the front-month NYMEX Natural Gas Futures Contract open at $2.047, nearly even to Thursday’s closing price of $2.050. Recording the intraday low at the opening bell rang, the contract posted a cautiously upward trajectory to reach an intraday high of $2.096 at 11:30AM. Looking forward to the possibility of another bout of arctic conditions at the end of the month, prices traded largely sideways into the afternoon. March closed higher on Friday at $2.079.

The EIA Natural Gas Storage Report published on Thursday showed a 200 BCF withdrawal from storage for the week ended January 26 – on par with the market estimate 200 BCF. Total working gas in storage was reported as 2,658 BCF; 2.1% above this time last year and 5.1% above the five-year average.

As of 7:25AM EST this morning in Globex, WTI Crude was down 49 cents; Natural Gas was up one cent; Heating Oil was up one cent; and Gasoline was up slightly.
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