March 28, 2022
Friday, March 25
th saw the April NYMEX Natural Gas Futures Contract open at of $5.533, thirteen cents above Thursday’s closing price of $5.401. Ascending to reach $5.574 by 9:30AM, prices found renewed support as the US and EU agree to sending additional LNG abroad. Trending downward to reach the intraday low of $5.437 at 10:50AM, the contract then mounted steady climb that would last the balance of the day. Marking the intraday high of $5.577 at 2:00PM, April closed higher on Friday at $5.571; up nearly 15% on the week.
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 6:55AM EST this morning in Globex, WTI Crude was down $4.92; Natural Gas was up slightly; Heating Oil was down 17 cents; and Gasoline was down 11 cents.
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