Last week Thursday, the EIA reported a net withdrawal of 47 Bcf from US natural gas storage inventory for the week ended 3/15/19. The current inventory level is 1,143 Bcf, 315 Bcf lower than last year at this time, and 556 Bcf below the 5 year average. On Friday, the April 2019 NYMEX natural gas futures contract opened at $2.821/dth and traded in a 10.3 cent range between $2.824 and $2.721. It settled 6.8 cents lower, ending the session at $2.753/dth. The April contract will expire on Wednesday at 2:30 PM. Baker Hughes reported a decrease of 1 US natural gas rig last week. Currently there are 192 actively exploring or developing natural gas rigs, which is 2 rigs higher than last year at this time. The May 2019 crude oil contract ended the day 94 cents lower, settling at $59.04/barrel. Temperatures across the eastern half of the US are expected to warm up over the next few days.
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