New NYMEX NatGas Front-Month Contract (March) Closes “Up” at $3.92

Yesterday, the NYMEX natural gas March futures contract became the "front month" contract after the previous February contract expired. As we reported, the February contract went into the stratosphere, closing at $7.46/MMBtu based on something called a short squeeze (see Short Squeeze: NYMEX NatGas Up Another 50.6 Cents to $7.46/MMBtu). The March contract closed at $3.918/MMBtu yesterday, which is $3.54 lower than the previous day. So, how can we say the March contract closed up from the previous day?

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