Thursday, March 7th saw the front-month NYMEX Natural Gas Futures Contract open at $2.831, a penny below Wednesday’s closing price of $2.841. Climbing to $2.855 by 9:15AM, prices traded sideways leading up to the 10:30AM storage report. Dipping lower as the bearish report hit the wire, the contract slipped to an intraday low of $2.822 just ahead of midday. Bouncing back as the afternoon drew on, April tallied an intraday high of $2.871 and proceeded to close higher on Thursday at $2.866.
The EIA Natural Gas Storage Report published on Thursday showed a 149 BCF withdrawal from storage for the week ended March 1st – below the market estimate of 135 BCF. Total working gas in storage was reported as 1,390 BCF; 14.9% below this time last year and 25.0% below the five-year average.
This morning in Globex, WTI Crude was down $1.29; Natural Gas was up one cent; Heating Oil was down four cents; and Gasoline was down five cents.
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