March 12, 2024
Monday, March 11
th saw the front-month NYMEX Natural Gas Futures Contract open at $1.761, four cents below Friday’s closing price of $1.805. Recording the intraday high of $1.789 by 9:15AM, the contract traded largely sideways along $1.765 throughout the session. Apart from a fleeting cold spell expected to arrive later in the month, bearish sentiment continues to reign supreme. April closed lower on Monday at $1.759.
The EIA Natural Gas Storage Report published last Thursday showed a 40 BCF withdrawal from storage for the week ended March 1 – in line with the market estimate 37 BCF. Total working gas in storage was reported as 2,334 BCF; 13.6% above this time last year and 30.9% above the five-year average.
As of 6:20AM EST this morning in Globex, WTI Crude was up 61 cents; Natural Gas was two cents; Heating Oil was up two cents; and Gasoline was up one cent.
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