Natural Gas Storage Report Highlights Market Changes

Thursday, March 27^th saw the April NYMEX Natural Gas Futures Contract settle $0.089 higher at $3.950.

The more actively traded May contract opened at $3.820, $0.052 cents below Wednesday’s closing price $3.872. Trending lower overnight in response to a bearish shift in forecasted weather, prices were trading near $3.840 leading up to the weekly publication. Falling to the intraday low of $3.810 at 11:00AM, traders found value in the recently diminished contract as prices rose into the afternoon. Reaching an intraday high of $3.951 at 1:55PM, May closed higher on Thursday at $3.925.

The EIA Natural Gas Storage Report published on Thursday posted a 37 BCF injection to storage for the week ended March 21 – above the market estimate of a 32 BCF injection. Total working gas in storage was reported as 1,744 BCF; 24.2% below this time last year and 6.5% below the five-year average.

As of 7:10 AM this morning in Globex, WTI Crude was down $0.210; Natural Gas was down $0.066; Heating Oil was down $0.001; and Gasoline was down $0.001.

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