March 25, 2022
Thursday, March 24
th saw the April NYMEX Natural Gas Futures Contract open at of $5.185, five cents below Wednesday’s closing price of $5.232. Trading along either side of $5.170 heading into the weekly storage publication, prices initially fell to the intraday low of $5.063 as the bearish report hit the wire. Finding support soon thereafter as the withdrawal fell within the varied range of expectations, the contract rose to cross midday near $5.385 and tallied a fresh seven-week intraday high of $5.464 at 1:20PM. April closed higher on Thursday at $5.401.
The EIA Natural Gas Storage Report published on Thursday showed a 51 BCF withdrawal from storage for the week ended March 18 – below the market estimate of 70 BCF. Total working gas in storage was reported as 1,389 BCF; 20.9% below this time last year and 17.4% below the five-year average.
As of 7:50AM EST this morning in Globex, WTI Crude was down $2.12; Natural Gas was up seven cents; Heating Oil was down five cents; and Gasoline was down four cents.
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