Thursday, March 30th saw the front-month NYMEX Natural Gas Futures Contract open at $2.142, four cents below Wednesday’s closing price of $2.184. Ascending to the intraday high of $2.165 shortly after 9:30AM, the contract fell to trade near $2.125 ahead of the weekly storage publication. Following the marginally bearish report hitting the wire, prices withdrew into the early afternoon, stabilizing near $2.095. Marking the intraday low $2.080 at 2:15PM, May closed lower on Thursday at $2.104.
The EIA Natural Gas Storage Report published on Thursday showed a 47 BCF withdrawal from storage for the week ended March 24 – in line with the market estimate of 53 BCF. Total working gas in storage was reported as 1,853 BCF; 31.3% above this time last year and 21.0% above the five-year average.
As of 6:30AM EST this morning in Globex, WTI Crude was up 33 cents; Natural Gas was up one cent; Heating Oil was up slightly; and Gasoline was down slightly.
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