Wednesday, March 15th saw the front-month NYMEX Natural Gas Futures Contract open at $2.521, five cents below Tuesday’s closing price of $2.573. Recording the intraday high of $2.530 within minutes of the opening bell, prices stepped lower to stabilize near $2.470 through 10:30AM. Falling to $2.430 soon thereafter, prices slumped to an intraday low of $2.384 at 12:25PM as the battle between late-season weather driven demand and healthy storage levels continue. April closed lower on Wednesday at $2.439.
The EIA Natural Gas Storage Report is due out on Thursday at 10:30AM. The report is expected to show a 53 BCF withdrawal from storage for the week ended March 10. This compares to a 79 BCF withdrawal at this time last year and a five-year average withdrawal amount of 77 BCF.
As of 7:20AM EST this morning in Globex, WTI Crude was down 25 cents; Natural Gas was up eight cents; Heating Oil was down five cents; and Gasoline was down 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.
