Friday, March 5th saw the front-month NYMEX Natural Gas Futures Contract open at $2.724 almost three cents below Thursday’s closing price of $2.749. Soon after open, prices reached their intraday high of $2.755 at 9:30AM. Following this 30-minute rise, prices began a downward trend, slowly descending to their intraday low price of $2.681 at 1:30PM. Prices bounced back from the low to make another brief run, closing for the day at $2.701.
The EIA Natural Gas Storage Report published on Thursday showed a 98 BCF withdrawal from storage for the week ended February 26th – below the market estimate expectation of 136 BCF. Total working gas in storage was reported as 1,845 BCF; 13.1% below this time last year and 8.8% below the five-year average.
As of 9:30AM EST this morning in Globex, WTI Crude was down forty-two cents; Natural Gas was down seven cents; Heating Oil was down two cents; and Gasoline was down two cents.
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