March NYMEX Natural Gas Futures Contract Closed at $2.009 on Tuesday, February 6th

Market Insights
Natural Gas
February 7, 2024
Tuesday, February 6th saw the front-month NYMEX Natural Gas Futures Contract open at $2.052, three cents below Monday’s closing price of $2.082. Recording the intraday high of $2.053 within minutes of the open, the contract fluctuated along the $2.030 level for most of the day traders focused on near-term light heating demand and this week’s expected light storage pull. Marking the intraday low of $2.004 ahead of 2:30PM, March closed lower on Tuesday at $2.009.

The EIA Natural Gas Storage Report is due out on Thursday at 10:30AM. The report is expected to show a 71 BCF withdrawal from storage for the week ended February 2nd. This compares to a 217 BCF withdrawal this time last year and a five-year average withdrawal amount of 193 BCF.

As of 6:50 AM EST this morning in Globex, WTI Crude was up 63 cents; Natural Gas was up one cent; Heating Oil was up four cents; and Gasoline was up two cents.
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