Wednesday, March 24th saw the front-month NYMEX Natural Gas Futures Contract open at $2.532, three cents above Tuesday’s closing price of $2.508. Extending to a modest intraday high of $2.545 minutes after trading floors opened, the contract traded along $2.535 through the morning. With bearish sentiment weighing on prices, the contract fell to an intraday low of $2.514 at 1:10PM. April closed slightly higher on Wednesday at $2.518.
The EIA Natural Gas Storage Report is due out on Thursday at 10:30AM. The report is expected to show a 14 BCF withdrawal from storage for the week ended March 19th. This compares to a 26 BCF withdrawal at this time last year and a five-year average withdrawal amount of 51 BCF.
As of 8:15AM EST this morning in Globex, WTI Crude was down $1.81; Natural Gas was down one cent; Heating Oil was down four cents; and Gasoline was down five cents.
Natural Gas Glossary
Natural Gas Supplier
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.
