March 6, 2020
Thursday, March 5
th saw the front-month NYMEX Natural Gas Futures Contract open at $1.816, a penny below Wednesday’s closing price of $1.827. Ascending to an intraday high of $1.823 by 9:30AM, prices fell nearly three cents before stabilizing near $1.185 at 10:30AM. Crossing midday at $1.792, the contract trended lower into the afternoon as storage remains healthy and forecasts are mild. April closed lower on Thursday at $1.772.
The EIA Natural Gas Storage Report published on Thursday showed a 109 BCF withdrawal from storage for the week ended February 28
th – even with the market estimate of 110 BCF. Total working gas in storage was reported as 2,091 BCF: 48.2% above this time last year and 9.2% above the five-year average.
As of 8:50AM EST this morning in Globex, WTI Crude was down $2.03; Natural Gas was down three cents; Heating Oil was down six cents; and Gasoline was down seven cents.
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