Thursday, March 29
th saw the front-month NYMEX Natural Gas Futures Contracts open at $2.750, five cents above Wednesday’s closing price of $2.698. Climbing gradually through the session’s opening hour to reach the intraday high of $2.764 ahead of 10:00AM, prices were then diminished by a bearish storage report. Even though the published withdrawal was below expectations, losses were limited through the balance of the day as total storage levels now sit 20% below the five-year average. May closed higher on Thursday at $2.733.
The EIA Natural Gas Storage Report published on Thursday showed a 63 BCF withdrawal from storage for the week ended March 23
rd – nearly even to the market estimate of 65 BCF. Total working gas in storage was reported as 1,383 BCF; 32.7% below this time last year and 20.0% below the five-year average.
The NYMEX will be closed today in observance of the Good Friday holiday. The next MarketWatch will be published on Tuesday, April 3
rd.
This morning in Globex, WTI Crude was up 56 cents; Natural Gas was up four cents; Heating Oil was up one cent; and, Gasoline was up slightly.
Natural Gas Glossary
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