Thursday, March 26th saw the front-month NYMEX Natural Gas Futures Contract open at $1.644, two cents below Wednesday’s closing price of $1.659. Trading gradually higher to $1.660 through the day’s opening 90 minutes, prices jumped to an intraday high of $1.672 as the storage report hit the wire at 10:30AM. Storage withdrawal expectations ranged from 2 to 32 BCF. Trailing downward in the following hour to record an intraday low of $1.612, April posted a staggered climb to finish the day lower at $1.637. Set to assume the front-month position on Monday, the May contract closed down two cents at $1.689.
The EIA Natural Gas Storage Report published on Thursday showed a 29 BCF withdrawal from storage for the week ended March 20th – above the market estimate of 25 BCF. Total working gas in storage was reported as 2,005 BCF: 79.5% above this time last year and 17.0% above the five-year average.
As of 8:00AM EST this morning in Globex, WTI Crude was down 20 cents; Natural Gas was down three cents; Heating Oil was up one cent; and Gasoline was up two cents.
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