April NYMEX Natural Gas Futures Contracts Closed at $2.756

Market Insights
Natural Gas
Basis
NYMEX
March 9, 2018
Thursday, March 8th saw the front-month NYMEX Natural Gas Futures Contracts open at $2.782, slightly above Wednesday’s closing price of $2.777.  Posting notable losses through the session’s opening hour, prices fell to the intraday low of $2.737 by 9:50AM as previously expected below-average temperatures are now in question.  Reclaiming the $2.75 mark ahead of the weekly storage publication, a brief uptick as the report hit the wire quickly subsided.  The contract arced modestly higher near $2.765 into the afternoon as April closed lower on Thursday at $2.756.

The EIA Natural Gas Storage Report published on Thursday showed a 57 BCF withdrawal from storage for the week ended March 2nd – just below the market estimate of 60 BCF.  Total working gas in storage was reported as 1,625 BCF; 29.5% below this time last year and 15.6% below the five-year average.

This morning in Globex, WTI Crude was up 62 cents; Natural Gas was down three cents; Heating Oil was up two cents; and, Gasoline was up two cents.  

 
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