Friday, March 19th saw the front-month NYMEX Natural Gas Futures Contract open at $2.473, a penny below Thursday’s closing price of $2.481. Falling to an intraday low of $2.456 within minutes of the opening bell, bullish sentiment soon drove prices higher as the contract had wandered into oversold territory. Ascending to the $2.510 level at midday and an intraday high of $2.540 at 2:20PM, April closed higher on Friday at $2.535.
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 24 cents; Natural Gas was down three cents; Heating Oil was down one cent; and Gasoline was down one cent.
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