Wednesday, March 25th saw the front-month NYMEX Natural Gas Futures Contract open at $1.670, two cents above Tuesday’s closing price of $1.653. Reaching an intraday high of $1.683 by 9:40AM, prices fell in the following thirty minutes to record the intraday low of $1.638 as mild forecasts and weak demand persist. Mounting a secondary ascent that spanned into the afternoon to peak above $1.675, April closed higher on Wednesday at $1.659.
The EIA Natural Gas Storage Report is due out at 10:30AM today. The report is expected to show a 2 BCF withdrawal from storage for the week ended March 13th. This compares to a 36 BCF withdrawal at this time last year and a five-year average withdrawal amount of 40 BCF.
As of 7:35AM EST this morning in Globex, WTI Crude was down 62 cents; Natural Gas was down one cent; Heating Oil was down two cents; and Gasoline was up one cent.
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