Wednesday, March 13th saw the front-month NYMEX Natural Gas Futures Contract open at $1.664, five cents below Tuesday’s closing price of $1.714. In an uneventful day of trading, prices traded within a tight band near $1.675; marking the intraday low of $1.653 at 9:25AM and intraday high of $1.697 at 12:30PM. Shrugging off the latest news of production cuts and impending short-term winter conditions next week, April closed lower on Wednesday at $1.658.
The EIA Natural Gas Storage Report is due out on Thursday at 10:30AM. The report is expected to show a 4 BCF withdrawal from storage for the week ended March 8th. This compares to a 58 BCF withdrawal this time last year and a five-year average withdrawal amount of 87 BCF.
As of 6:50AM EST this morning in Globex, WTI Crude was up 64 cents; Natural Gas was up one cent; Heating Oil was up three cents; and Gasoline was up one cent.
For access to Sprague’s full Natural Gas Market Watch Report including commentary not posted here, please send your request to natgas@spragueenergy.com or call 1-855-466-2842.