April NYMEX Natural Gas Futures Contract Closed at $2.600 on Friday, March 12th

Friday, March 12th saw the front-month NYMEX Natural Gas Futures Contract open at $2.660, almost even with Thursday’s closing price of $2.664. Prices would reach their intraday high of $2.673 at 10:40AM. After reaching the daily highpoint, prices began a downward trend throughout the rest of the morning and into the early afternoon. At 1:00PM, prices dropped sharply to their intraday low of $2.599. April’s contract bounced back slightly from the low, finishing the day at $2.600.

The EIA Natural Gas Storage Report published on Thursday showed a 52 BCF withdrawal from storage for the week ended March 5th – below the market estimate expectation of 73 BCF. Total working gas in storage was reported as 1,793 BCF; 12.5% below this time last year and 7.3% below the five-year average.

As of 9:15AM EST this morning in Globex, WTI Crude was down thirty-five cents; Natural Gas was down six cents; Heating Oil was down two cents; and Gasoline was down two cents.
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