March NYMEX Natural Gas Futures Contract Closed at $1.773 on Wednesday, February 21st

Market Insights
Natural Gas
February 22, 2024
Wednesday, February 21st saw the front-month NYMEX Natural Gas Futures Contract open at $1.770, nineteen cents above Tuesday’s closing price of $1.576. A major natural gas producer announced a planned reduction in active rigs in the coming year, sparking a rally that would peak minutes after the opening bell. Retreating from the intraday high of $1.792, prices fell to the intraday low of $1.723 at 10:00AM. Fluctuating along $1.765 throughout the afternoon, March closed higher on Wednesday at $1.773.

The EIA Natural Gas Storage Report is due out on Thursday at 10:30AM. The report is expected to show a 64 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 11 cents; Natural Gas was down five cents; Heating Oil was down one cent; and Gasoline was down one cent.
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