March NYMEX Natural Gas Futures Contracts Closed at $2.856 on Thursday, February 1st

Market Insights
Natural Gas
Basis
NYMEX
February 2, 2018
Thursday, February 1st saw the front-month NYMEX Natural Gas Futures Contracts open at $2.907, nine cents below Wednesday’s closing price of $2.995.  Climbing initially to mark the intraday high of $2.924 ahead of 10:00AM, markets soon extended overnight losses as updated forecasts become milder in the short term.  Stumbling to the $2.89 level ahead of the weekly storage release, prices then stepped lower into the morning as the report read bearish in comparison to the five-year average.  Tallying the intraday low of $2.837 on multiple occasions heading into 1:30PM, March proceeded to close lower on Thursday at $2.856.

The EIA Natural Gas Storage Report published on Thursday showed a 99 BCF withdrawal from storage for the week ended January 26th – near than the market estimate of 102 BCF.  Total working gas in storage was reported as 2,197 BCF; 19.3% below this time last year and 16.2% below the five-year average.

This morning in Globex, WTI Crude was unchanged; Natural Gas was up two cents; Heating Oil was down one cent; and, Gasoline was down one cent.

 
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