March 5, 2024
Monday, March 4
th saw the front-month NYMEX Natural Gas Futures Contract open at $1.971, fourteen cents above Friday’s closing price of $1.835. Prices were directed higher before markets opened yesterday, as U.S. natural gas product EQT announced production cuts that will last the month. Seeking direction near $1.960 throughout the morning, the contract tallied a near four-week intraday high of $1.989 at 11:05AM. Pulling back late in the session to reach the intraday low of $1.902, April closed higher on Monday at $1.916.
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 6:15AM EST this morning in Globex, WTI Crude was down 22 cents; Natural Gas was flat; Heating Oil was up one cent; and Gasoline was down one cent.
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