Wednesday, March 17th saw the front-month NYMEX Natural Gas Futures Contract open at $2.534, three cents below Tuesday’s closing price of $2.562. Ascending to an intraday high of $2.553 by 9:30AM, prices then trended lower as forecasts for the remainder of March remain bearish. Tallying an intraday low of $2.489 just after midday, the contract managed to post a modest recovery by day’s end. Recording an intraday high of $2.544 at 1:30PM, April closed lower on Wednesday at $2.528.
The EIA Natural Gas Storage Report is due out today at 10:30AM. The report is expected to show a 19 BCF withdrawal from storage for the week ended March 12th. This compares to a nine BCF withdrawal at this time last year and a five-year average withdrawal amount of 59 BCF.
As of 7:30AM EST this morning in Globex, WTI Crude was down three cents; Natural Gas was down two cents; Heating Oil was up slightly; and Gasoline was up one cent.
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