Friday, March 20th saw the front-month NYMEX Natural Gas contract open at $3.091, $0.075 below Thursday’s closing price $3.166. Fluctuating along the $3.080 level throughout the session, stout storage levels and mild weather forecasts outweighed the (currently) easing geopolitical risks in the Middle East, following reports of the Strait of Hormuz possibly reopening. Recording the intraday low of $3.045 at 9:45AM and the intrada high of $3.107 at 10:55AM, April closed lower on Friday at $3.095; down 1.1% on the week.
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 6:35AM this morning in Globex, WTI Crude was up $0.330; Natural Gas was up $0.006; Heating Oil was up $0.218; and Gasoline was up $0.493.
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