Natural Gas Contract Update: March 12 Performance

Thursday, March 12th saw the front-month NYMEX Natural Gas contract open at $3.229, $0.020 above Wednesday’s closing price $3.209. Rangebound near $3.220 leading up to the weekly storage report, prices posted a cautious ascent to record the intraday high of $3.262 at 11:25AM as the publication fell in line with expectations. Pulling back to mark the intraday low of $3.145 at 12:40PM, April closed higher on Thursday at $3.233.

The EIA Natural Gas Storage Report published last Thursday posted a 38 BCF withdrawal from storage for the week ended March 6 – in line with the market estimate of a 37 BCF withdrawal. Total working gas in storage was reported as 1,848 BCF; 8.5% above this time last year and 0.9% below the five-year average.

As of 6:50AM this morning in Globex, WTI Crude was down $1.720; Natural Gas was up $0.020; Heating Oil was down $0.120; and Gasoline was down $0.038.

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