April NYMEX Natural Gas Futures Contracts Closed at $2.698 on Thursday, March 1st

Market Insights
Natural Gas
Basis
NYMEX
March 2, 2018
Thursday, March 1st saw the front-month NYMEX Natural Gas Futures Contracts open at $2.670, nearly even to Wednesday’s closing price of $2.667.  Marking the intraday low of $2.669 as markets opened, the contract quickly added three cents and fluctuated along $2.695 through 10:30AM.  Momentarily spiking to the intraday high of $2.731 as the report was published, prices soon stabilized near the $2.70 mark.  Plotting gradually higher until 1:30PM, a modest decline saw April close higher on Thursday at $2.698.

The EIA Natural Gas Storage Report published on Thursday showed a 78 BCF withdrawal from storage for the week ended February 23rd – just above the market estimate of 75 BCF.  Total working gas in storage was reported as 1,682 BCF; 28.8% below this time last year and 18.1% below the five-year average.

This morning in Globex, WTI Crude was down 28 cents; Natural Gas was up one cent; Heating Oil was down three cents; and, Gasoline was down two cents.  

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