March 10, 2023
Thursday, March 9
th saw the front-month NYMEX Natural Gas Futures Contract open at $2.597, nearly five cents above Wednesday’s closing price of $2.551. Ascending to the intraday high of $2.639 by 10:00AM, prices moved sideways heading into the weekly storage publication. Pulling back as the report hit the wire, the contract withdrew to the intraday low of $2.465 ahead of 2:00PM. April closed slightly lower on Thursday at $2.543
The EIA Natural Gas Storage Report published on Thursday showed an 84 BCF withdrawal from storage for the week ended March 3 – in line with the market estimate of 82 BCF. Total working gas in storage was reported as 2,030 BCF; 32.1% above this time last year and 21.5% above the five-year average.
As of 7:15AM EST this morning in Globex, WTI Crude was down 73 cents; Natural Gas was down four cents; Heating Oil was down two cents; and Gasoline was down two cents.
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