Thursday, March 12th saw the front-month NYMEX Natural Gas Futures Contract open at $1.775, ten cents below Wednesday’s closing price of $1.878. Ascending from an intraday low of $1.774 just after the opening bell, the contract rose to trade within a two-cent range of $1.805 through 10:30AM. Falling as low as $1.784 following a bearish storage withdrawal, prices rallied once again to reach $1.862 by 11:00AM. In a volatile afternoon that saw major stocks decline, natural gas posted a staggered ascent. The April contract rose to an intraday high of $1.880 at 2:00PM, closing lower on Thursday at $1.841.
The EIA Natural Gas Storage Report published on Thursday showed a 48 BCF withdrawal from storage for the week ended March 6th – below with the market estimate of 58 BCF. Total working gas in storage was reported as 2,043 BCF: 63.8% above this time last year and 12.5% above the five-year average.
As of 8:45AM EST this morning in Globex, WTI Crude was up $2.28; Natural Gas was up eight cents; Heating Oil was up four cents; and Gasoline was up seven cents.
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