Thursday, April 5th saw the front-month NYMEX Natural Gas Futures Contracts open at $2.701, two cents below Wednesday’s closing price of $2.718. Extending to the intraday high of $2.711 within minutes of opening, the contract soon slipped lower to trade near $2.700 ahead of 10:30AM. Plunging to the intraday low of $2.651 as the bearish storage report was released, prices then managed a modest recovery through the afternoon. May closed lower on Thursday at $2.675.
The EIA Natural Gas Storage Report published on Thursday showed a 29 BCF withdrawal from storage for the week ended March 30th – above the market estimate of 25 BCF. The withdrawal partially represents a non-flow-related decrease to working gas stocks by roughly nine BCF. Total working gas in storage was reported as 1,354 BCF; 34.0% below this time last year and 20.4% below the five-year average.
This morning in Globex, WTI Crude was down 40 cents; Natural Gas was up two cents; Heating Oil was down one cent; and, Gasoline was down one cent.
Natural Gas Glossary
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