March 12, 2021
Thursday, March 11th saw the front-month NYMEX Natural Gas Futures Contract open at $2.673, almost two cents below Wednesday’s closing price of $2.692. Prices traded steadily up until the release of the EIA Natural Gas Storage Report at 10:30AM where they reached the intraday low of $2.636. Following the release of the storage report at 10:40, prices would experience a rapid rise to an intraday high of $2.698. After this period of volatility, prices would settle back down to pre-storage report levels, closing out the day at $2.664.
The EIA Natural Gas Storage Report published on Thursday showed a 52 BCF withdrawal from storage for the week ended March 5
th – below the market estimate expectation of 73 BCF. Total working gas in storage was reported as 1,793 BCF; 12.5% below this time last year and 7.3% below the five-year average.
As of 10:20AM EST this morning in Globex, WTI Crude was down twenty-five cents; Natural Gas was down one cent; Heating Oil was up one cent; and Gasoline was up one cent.
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