Thursday, March 13th saw the front-month NYMEX Natural Gas Futures Contract open at $3.975, down $0.109 compared to Wednesday’s closing price of $4.084. Knocked down overnight by warming forecasts, the contract traded sideways along $3.990 leading up to the weekly storage publication. Jumping to $4.140 as the bullish report hit the wire, prices remained elevated through the afternoon. Marking the intraday high of $4.189 at 12:45PM, April closed higher on Thursday at $4.111.
The EIA Natural Gas Storage Report published on Thursday posted a 62 BCF withdrawal from storage for the week ended February 28 – above the market estimate of a 48 BCF withdrawal. Total working gas in storage was reported as 1,698 BCF; 27.0% below this time last year and 11.9% below the five-year average.
As of 7:00AM this morning in Globex, WTI Crude was up $0.570; Natural Gas was down $0.073; Heating Oil was up $0.005; and Gasoline was up $0.009.
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