March NYMEX Natural Gas Futures Contracts Closed at $2.573 on Thursday, February 14th

Market Insights
Natural Gas
February 15, 2019
Thursday, February 14th saw the front-month NYMEX Natural Gas Futures Contracts open at $2.599, roughly two cents above Wednesday’s closing price of $2.575.  Straddling the $2.590 level through 10:30AM, a bearish storage injection directed prices as low as $2.575 before jumping to the intraday high of $2.613 twenty minutes later.  Descending gradually from this high, the contract traded sideways along $2.575 late into the afternoon as March closed lower on Thursday at $2.573.

The EIA Natural Gas Storage Report published on Thursday showed a 78 BCF withdrawal from storage for the week ended February 8th – below the market estimate of 83 BCF.  Total working gas in storage was reported as 1,882 BCF; 1.6% below this time last year and 15.0% below the five-year average.

This morning in Globex, WTI Crude was up 88 cents; Natural Gas was up three cents; Heating Oil was up three cents; and Gasoline was up three cents.   
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