Natural Gas Storage Report Insights and Implications

Monday, March 31^st saw the front-month NYMEX Natural Gas contract open at $4.216, $0.151 cents above Friday’s closing price of $4.065. Recording the intraday high of $4.238 at 9:25AM, near-term weather conditions and steady LNG demand provided support. Trending lower throughout the session, prices fell to the intraday low of $4.059 at 12:50PM. May closed higher on Monday at $4.119.

The EIA Natural Gas Storage Report published last 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 7:00AM this morning in Globex, WTI Crude was up $0.140; Natural Gas was down $0.046; Heating Oil was up $0.004; and Gasoline was up $0.003.

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