Natural Gas Futures Contract Analysis and Insights

Thursday, March 20^th saw the front-month NYMEX Natural Gas Futures Contract open at $4.180, down $0.067 compared to Wednesday’s closing price of $4.247. Marking the intraday high as markets opened, prices arced lower to trade along $4.115 leading up to the weekly storage publication. Losing ground as the season’s first injection was recorded in the EIA report, weeks ahead of historical norms, the contract slipped to record the intraday low of $3.970 ahead of 2:30PM. April closed lower on Thursday at $3.975

The EIA Natural Gas Storage Report published on Thursday posted a 9 BCF injection to storage for the week ended March 14 – above the market estimate of a 2 BCF withdrawal. Total working gas in storage was reported as 1,707 BCF; 26.8% below this time last year and 10.0% below the five-year average.

As of 7:37AM this morning in Globex, WTI Crude was down $0.320; Natural Gas was down $0.063; Heating Oil was down $0.020; and Gasoline was down $0.016.

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