March 18, 2024
Friday, March 15
th saw the front-month NYMEX Natural Gas Futures Contract open at $1.735, slightly below Thursday’s closing price of $1.741. Up early on, analysts attributed this rally to news coming out of the Freeport LNG terminal that it’s currently out-of-service Train 3 would be restarting soon. Recording the intraday high of $1.736 nearly out of the gate, prices trended lower throughout the day as bearish fundamentals extended their command. Marking the intraday low of $1.646 at 1:15PM, April closed lower on Friday at $1.655; down 8% on the week.
The EIA Natural Gas Storage Report published last Thursday showed a 9 BCF withdrawal from storage for the week ended March 8 – in line with the market estimate 4 BCF. Total working gas in storage was reported as 2,325 BCF; 16.9% above this time last year and 37.1% above the five-year average.
As of 6:20AM EST this morning in Globex, WTI Crude was up 73 cents; Natural Gas was up 10 cents; Heating Oil was up five cents; and Gasoline was up two.
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