Wednesday, March 22nd saw the front-month NYMEX Natural Gas Futures Contract open at $2.261, nine cents below Tuesday’s closing price of $2.348. Ascending to the intraday high of $2.303 by 9:45AM, prices then trended gradually lower throughout the session as impending weather conditions failed to impress. Crossing midday at $2.254 and tallying the intraday low of $2.152 ahead of 2:30PM, April closed lower on Wednesday at $2.171.
The EIA Natural Gas Storage Report is due out on Thursday at 10:30AM. The report is expected to show a 69 BCF withdrawal from storage for the week ended March 17. This compares to a 51 BCF withdrawal at this time last year and a five-year average withdrawal amount of 45 BCF.
As of 7:15AM EST this morning in Globex, WTI Crude was down 48 cents; Natural Gas was up two cents; Heating Oil was down two cents; and Gasoline was unchanged.
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