March 7, 2022
Friday, March 4
th saw the April NYMEX Natural Gas Futures Contract open at of $4.832, eleven cents above Thursday’s closing price of $4.722. Marking the intraday low of $4.809 out of the gate, the contract posted a staggered ascent throughout the day. Trading near $4.940 at 10:30AM, $4.865 at midday, and reaching a one-month intraday high of $5.045 at 2:00PM, short-term weather forecasts are now calling for below average temperatures. April closed higher on Friday at $5.016, up 12% on the week.
The EIA Natural Gas Storage Report published on Thursday showed a 139 BCF withdrawal from storage for the week ended February 25 – in line with the market estimate of 138 BCF. Total working gas in storage was reported as 1,643 BCF; 11.6% below this time last year and 13.4% below the five-year average.
As of 6:30AM EST this morning in Globex, WTI Crude was up $7.31; Natural Gas was up 13 cents; Heating Oil was up 24 cents; and Gasoline was up 16 cents.
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