May NYMEX Natural Gas Futures Contract Closed at $1.763 on Thursday, March 28th

Market Insights
Natural Gas
March 29, 2024
Thursday, March 28th saw the front-month NYMEX Natural Gas Futures Contract open at $1.738, two cents above Wednesday’s closing price of $1.718. Trading within a tight band near $1.745 leading up to the weekly storage report, the contract briefly jumped to $1.764 before slipping to the intraday low of $1.718 minutes later. Posting a steady recovery in the afternoon, prices rose to an intraday high of $1.786 ahead of 2:30PM. April closed higher on Thursday at $1.763.

The EIA Natural Gas Storage Report published on Thursday showed a 36 BCF withdrawal from storage for the week ended March 22 – above the market estimate 27 BCF. Total working gas in storage was reported as 2,296 BCF; 23.0% above this time last year and 41.1% above the five-year average.

As of 7:05AM EST this morning in Globex, WTI Crude was ­­up $1.82; Natural Gas was up five cents; Heating Oil was up two cents; and Gasoline was up five cents.
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