Thursday, March 18th saw the front-month NYMEX Natural Gas Futures Contract open at $2.484, four cents below Wednesday’s closing price of $2.528. Trending lower so after the opening bell to reach the $2.425 level, prices recovered to $2.450 ahead of the weekly storage publication. Slipping to an intraday low of $2.422 as the bearish report hit the wire, the contract then rallied to reach an intraday high of $2.523 at 11:40AM. Hovering near $2.490 for the balance of the session, April closed lower on Thursday at $2.481.
The EIA Natural Gas Storage Report published on Thursday showed an 11 BCF withdrawal from storage for the week ended March 12th – below the market estimate expectation of 19 BCF. Total working gas in storage was reported as 1,782 BCF; 12.4% below this time last year and 5.0% below the five-year average.
As of 6:50AM EST this morning in Globex, WTI Crude was up 69 cents; Natural Gas was up one cent; Heating Oil was up two cents; and Gasoline was up one cent.
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