Happy Long Weekend
The long weekend and the end of month means that most traders have closed their books for March and don’t want to trade. Therefore, markets are a bit thin and sensitive to any news.
EIA storage report came out today 36bcf withdrawal, larger than the expected 28 withdrawal. NYMEX rallied on the news, with the summer strip up to $2.25 US/mm and the winter 24/25 strip up to $3.37 US/mm. But before one thinks that the trend has changed, let’s wait until Monday for market participants to return to their desks.
Have a great long weekend. [WFG]