Thursday, March 9th, saw the front-month NYMEX Natural Gas Futures Contracts open at $2.932, nearly three cents above Tuesday’s closing price of $2.906. Ascending evenly through the day’s opening hour, prices stabilized near $2.960 as the weekly storage publication approached. Jumping as high as $2.976 as the report hit the wire, the contract quickly pulled back as part of the larger-than-expected withdrawal was due to a reclassification from working gas to base gas. A temporary ascent to mark the intraday high of $2.983 at 11:10AM, gave way to modest selling into the afternoon. Posting a final climb to finish the day, April closed higher on Thursday at $2.974.
The EIA Natural Gas Storage Report published on Thursday showed a 68 BCF withdrawal from storage for the week ended March 3rd – larger than the market estimate of 61 BCF. Total working gas in storage was reported as 2,295 BCF; 7.7% below this time last year and 18.8% above the five-year average.
This morning in Globex, WTI Crude was up 78 cents; Natural Gas was up three cents; Heating Oil up one cent; and, Gasoline was up two cents. Additionally, cash prices were higher in New York and New England.
Natural Gas Glossary
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