On Thursday, February 27th – the April NYMEX Natural Gas Futures Contract began trading as the prompt month. Opening at $1.773, nearly six cents below Wednesday’s closing price of $1.837, prices fell to $1.750 in the hour leading up to the weekly storage publication. Sinking to an intraday low of $1.719 as the bearish report hit the wire, due to a smaller than expected withdrawal coupled with revised mild temperatures in early March, the contract soon recovered to $1.740 by 11:00AM. Trending lower into the after, a last minute jump in prices saw April close lower on Thursday at $1.752.
The EIA Natural Gas Storage Report published on Thursday showed a 143 BCF withdrawal from storage for the week ended February 21st – below the market estimate of 152 BCF. Total working gas in storage was reported as 2,200 BCF: 40.8% above this time last year and 8.9% above the five-year average.
As of 8:50AM EST this morning in Globex, WTI Crude was down $1.81; Natural Gas was down six cents; Heating Oil was down two cents; and Gasoline was down two cents.
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