Thursday, March 7th saw the front-month NYMEX Natural Gas Futures Contract open at $1.915, just below Wednesday’s closing price of $1.929. Trading sideways near $1.910 leading up to the weekly storage publication, prices jump to an intraday high of $1.933 as the report hit the wire. Trending lower soon thereafter, with storage levels high and above the five-year average, the contract fell to cross midday at $1.874. Sinking to an intraday low of $1.815 ahead of 2:30PM, April closed lower on Thursday at $1.818.
The EIA Natural Gas Storage Report published on Thursday showed a 40 BCF withdrawal from storage for the week ended March 1 – in line with the market estimate 37 BCF. Total working gas in storage was reported as 2,334 BCF; 13.6% above this time last year and 30.9% above the five-year average.
As of 7:05AM EST this morning in Globex, WTI Crude was down 69 cents; Natural Gas was down five cents; Heating Oil was down three cents; and Gasoline was down one cent.
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