March NYMEX Natural Gas Futures Contract Closed at $1.576 on Tuesday, February 20th

Market Insights
Natural Gas
February 21, 2024
Tuesday, February 20th saw the front-month NYMEX Natural Gas Futures Contract open at $1.584, roughly two cents below Friday’s closing price of $1.609. Knocked down over the long weekend due to increasingly bearish forecasts to close out the month, prices rose to an intraday high of $1.607 at 11:00AM. Trading along $1.580 throughout the afternoon, marking the intraday low of $1.566 at 12:45PM, March closed lower on Tuesday at $1.576.

The EIA Natural Gas Storage Report is due out on Thursday at 10:30AM. The report is expected to show a 74 BCF withdrawal from storage for the week ended February 16th. This compares to a 71 BCF withdrawal this time last year and a five-year average withdrawal amount of 168 BCF.

As of 7:40AM EST this morning in Globex, WTI Crude was down 23 cents; Natural Gas was up 17 cents; Heating Oil was up slightly; and Gasoline was up two cents.
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