Tuesday, March 12th saw the front-month NYMEX Natural Gas Futures Contract open at $1.803, four cents above Monday’s closing price of $1.759. Prices rallied leading up to the opening bell, as producer CNX Resources Corp. announced that they would be cutting back production, nearly a week after EQT made a similar announcement. Recording the intraday high of $1.823 soon after 9:00AM, the contract withdrew to stabilize near $1.715 by midday. Marking the intraday low of $1.691 at 1:45PM, April closed lower on Tuesday at $1.714.
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 $1.13; Natural Gas was down two cents; Heating Oil was up five cents; and Gasoline was up four cents.
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.
