March NYMEX Natural Gas Futures Contract Closed at $1.967 on Wednesday, February 7th

Market Insights
Natural Gas
February 8, 2024
Wednesday, February 7th saw the front-month NYMEX Natural Gas Futures Contract open at $2.039, three cents above Tuesday’s closing price of $2.009. Once again recording the intraday high within minutes of the opening bell, $2.040, the contract traded lower to cross the $2.00 level for the first time since April 2023. Focusing on near-term moderate temperatures for the time being, prices fell to an intraday low of $1.956 shortly after 10:30AM and proceeded to trade sideways into the afternoon. March closed lower on Wednesday at $1.967.

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 70 cents; Natural Gas was up two cents; Heating Oil was up three cents; and Gasoline was up three cents.
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