Thursday, March 14th saw the front-month NYMEX Natural Gas Futures Contract open at $1.658, even with Wednesday’s closing price. Recording the intraday low of $1.645 ahead of 9:10AM, prices rose to $1.685 ahead of the weekly storage publication. Jumping above $1.700 as the report hit the wire, a brief pullback was followed by multiple steps higher into the afternoon. Crossing midday at $1.712 and tallying an intraday high of $1.729 ahead of 2:30PM, April closed higher on Thursday at $1.741.
The EIA Natural Gas Storage Report published on Thursday showed a 9 BCF withdrawal from storage for the week ended March 8 – in line with the market estimate 4 BCF. Total working gas in storage was reported as 2,325 BCF; 16.9% above this time last year and 37.1% above the five-year average.
As of 7:05AM EST this morning in Globex, WTI Crude was down 36 cents; Natural Gas was up three cents; Heating Oil was down two cents; and Gasoline was down slightly.
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