March 11, 2022
Thursday, March 10
th saw the April NYMEX Natural Gas Futures Contract open at of $4.550, two cents above Wednesday’s closing price of $4.526. Marking the intraday low of $4.530 within minutes of the open, prices rose to $4.580 leading up to the weekly storage publication. Falling within the wide range of withdrawal expectations, the contract continued its upward trajectory to cross midday near $4.609. Tallying an intraday high of $4.671 at 1:20PM, April closed higher on Thursday at $4.631.
The EIA Natural Gas Storage Report published on Thursday showed a 124 BCF withdrawal from storage for the week ended March 4 – below the market estimate of 150 BCF. Total working gas in storage was reported as 1,519 BCF; 15.6% below this time last year and 16.0% below the five-year average.
As of 6:42AM EST this morning in Globex, WTI Crude was up $1.95; Natural Gas was up six cents; Heating Oil was up 14 cents; and Gasoline was up nine cents.
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