March 4, 2024
Friday, March 1
st saw the front-month NYMEX Natural Gas Futures Contract open at $1.842, two cents below Thursday’s closing price of $1.860. Falling to the intraday low of $1.810 by 9:15AM, the growing storage surplus seems to be weighing on the market. Ascending to an intraday high of $1.859 at 10:00AM, the contract traded sideways for the majority of the session near $1.835. April closed lower on Friday at $1.835.
The EIA Natural Gas Storage Report published last Thursday showed a 96 BCF withdrawal from storage for the week ended February 23 – above the market estimate 84 BCF. Total working gas in storage was reported as 2,374 BCF; 11.7% above this time last year and 26.5% above the five-year average.
As of 6:10AM EST this morning in Globex, WTI Crude was down 33 cents; Natural Gas was up 10 cents; Heating Oil was down three cents; and Gasoline was down one cent.
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