Monday, March 30th saw the front-month NYMEX Natural Gas contract open at $2.899, $0.126 below Friday’s closing price $3.025. Knocked down over the weekend as domestic fundamentals dominated, steady production and mild temperatures, the newly minted front-month achieved an intraday high of $2.903 at 9:35AM and an intraday low of $2.852 at 11:45AM. Trading largely sideways into the afternoon, May closed lower on Monday at $2.887.
The EIA Natural Gas Storage Report published last Thursday posted a 54 BCF withdrawal from storage for the week ended March 20 – above the market estimate of a 48 BCF injection. Total working gas in storage was reported as 1,829 BCF; 5.2% above this time last year and 0.8% above the five-year average.
As of 6:30AM this morning in Globex, WTI Crude was up $1.460; Natural Gas was down $0.039; Heating Oil was down $0.110; and Gasoline was down $0.009.
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