Natural Gas Trading Overview: Key Prices and Trends

Monday, March 23rd saw the front-month NYMEX Natural Gas contract open at $2.949, $0.146 below Friday’s closing price $3.095. Stepping decidedly lower overnight, the promise of easing tensions in the Middle East and warming forecasts saw prices peak an intraday high of $2.983 at 9:30AM. Continued bearish sentiment dominated the session as the contract fell to an intraday low of $2.883 at 2:25PM. April closed lower on Monday at $2.891.

The EIA Natural Gas Storage Report published last Thursday posted a 35 BCF injection to storage for the week ended March 13 – in line with the market estimate of a 37 BCF injection. Total working gas in storage was reported as 1,883 BCF; 10.4% above this time last year and 2.6% above the five-year average.

As of 6:30AM this morning in Globex, WTI Crude was up $2.030; Natural Gas was up $0.040; Heating Oil was up $0.170; and Gasoline was up $0.064.

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