Thursday, March 4th saw the front-month NYMEX Natural Gas Futures Contract open at $2.775 four cents below Friday’s closing price of $2.816. Prices reached their intraday high of $2.783, just before the release of the EIA Natural Gas Storage Report at 10:20AM. Upon the release of the storage report, prices fell quickly to their intraday low of $2.684 at 10:30AM. Prices rebounded just as quickly as they fell however, maintaining a calm day of trading through the late morning and afternoon. The April contract closed at $2.749.
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 8:41AM EST this morning in Globex, WTI Crude was up one dollar and twenty-four cents; Natural Gas was down one cent; Heating Oil was up three cents; and Gasoline was up three cents.
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