Thursday, March 19th saw the front-month NYMEX Natural Gas Futures Contract open at $1.627, two cents above Wednesday’s closing price of $1.604. Falling to an intraday low of $1.614 by 9:30AM, prices rose to trade along $1.630 ahead of the weekly storage publication. Seeking direction after the report hit the wire, the contract rose to an intraday high of $1.672 at 11:40AM. Trending lower into the afternoon as weather forecasts remain bearish and fears persist over low demand as businesses and schools shut down, April closed higher on Thursday at $1.654.
The EIA Natural Gas Storage Report published on Thursday showed a 9 BCF withdrawal from storage for the week ended March 13th – just above the market estimate of 6 BCF. Total working gas in storage was reported as 2,034 BCF: 76.0% above this time last year and 16.0% above the five-year average.
As of 7:35AM EST this morning in Globex, WTI Crude was up $1.17; Natural Gas was up one cent; Heating Oil was up four cents; and Gasoline was up three cents.
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