Thursday, February 23rd, saw the front-month NYMEX Natural Gas Futures Contracts open at $2.691, ten cents above Wednesday’s closing price of $2.592. After a steady decent in the first two hours of the morning, the contract rebounded to reach the intraday high of $2.691 immediately following the weekly storage publication. Prices then slipped to the intraday low of $2.597 by 1:20PM as forecasts for low demand persist. Trading within a three cent band for the remainder of the afternoon, Thursday closed higher at $2.617.
The EIA Natural Gas Storage Report published on Thursday showed an 89 BCF withdrawal from storage for the week ended February 17th – above the market estimate of 84 BCF. Total working gas in storage was reported as 2,356 BCF; 10.0% below this time last year and 7.1% above the five-year average.
This morning in Globex, WTI Crude was down 57 cents; Natural Gas was up three cents; Heating Oil was down two cents; and, Gasoline was down two cents.
New York basis values were lower for all seasons, whereas New England basis values were higher for the current winter season and lower for the summer months. Additionally, cash prices were lower in both regions.
Natural Gas Glossary
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