Thursday, March 14th saw the front-month NYMEX Natural Gas Futures Contract open at $2.883, roughly a penny above Wednesday’s closing price of $2.820. Rising to $2.845 early on, prices traded steadily along this mark until the 10:30AM storage publication. Upon the report’s release, the contract fell to an intraday low of $2.826, but was able to recoup these losses in the following thirty minutes. Inching higher through the afternoon hours, April recorded an intraday high of $2.857 before closing higher on Thursday at $2.855.
The EIA Natural Gas Storage Report published on Thursday showed a 204 BCF withdrawal from storage for the week ended March 8th – below the market estimate of 210 BCF. Total working gas in storage was reported as 1,186 BCF; 23.2% below this time last year and 32.4% below the five-year average.
This morning in Globex, WTI Crude was down 43 cents; Natural Gas was down four cents; Heating Oil was down two cents; and Gasoline was down two cents.
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