Thursday, March 21st saw the front-month NYMEX Natural Gas Futures Contract open at $2.798, roughly two cents below Wednesday’s closing price of $2.820. Tallying the intraday low of $2.796 out of the gate, the contract rose to $2.815 ahead of the 10:30AM storage publication. Remaining largely unchanged as the report fell in line with market expectations, prices declined at 11:00AM to test the $2.80 level. Recovering in the following hour to reach an intraday high of $2.828 at 1:30PM, April closed nearly flat on Thursday at $2.821.
The EIA Natural Gas Storage Report published on Thursday showed a 47 BCF withdrawal from storage for the week ended March 15th – nearly even with the market estimate of 48 BCF. Total working gas in storage was reported as 1,143 BCF; 21.6% below this time last year and 32.7% below the five-year average.
As of 8:45AM EST this morning in Globex, WTI Crude was down 78 cents; Natural Gas was down five cents; Heating Oil was down three cents; and Gasoline was down one cent.
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