May NYMEX Natural Gas Futures Contracts Closed at $2.712 on Thursday, March 28th

On Thursday, March 28th – the May NYMEX Natural Gas Futures Contract began trading as the prompt month.  Opening at $2.736, nearly two cents above Wednesday’s closing price of $2.719, prices rose to an intraday high of $2.741 before falling to the $2.720 level and stabilizing through 10:30AM.  Sinking to an intraday low of $2.707 as the slightly bearish report was published, the contract was able to rebound in the following thirty minutes to reach as high as $2.737.  Drifting gradually lower for the balance of the day, May closed lower on Thursday at $2.712.

The EIA Natural Gas Storage Report published on Thursday showed a 36 BCF withdrawal from storage for the week ended March 22nd – below the market estimate of 41 BCF.  Total working gas in storage was reported as 1,107 BCF; 20.5% below this time last year and 33.2% below the five-year average.

As of 8:45AM EST this morning in Globex, WTI Crude was up $1.15; Natural Gas was down one cent; Heating Oil was up two cents; and Gasoline was up three cents.  
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