Wednesday, March 20th saw the front-month NYMEX Natural Gas Futures Contract open at $2.828, nearly five cents below Tuesday’s closing price of $2.874. Jumping to the intraday high of $2.848 by 9:10AM, the contract returned to the $2.830 level by 10:00AM. Posting multiple increases throughout the day that saw prices rise near $2.840 only to sink to $2.820 in the following hour, prices seesawed along $2.830 for the majority of the day as April closed lower on Wednesday at $2.820.
The EIA Natural Gas Storage Report is due out at 10:30AM today. The report is expected to show a 48 BCF withdrawal from storage for the week ended March 15th. This compares to an 86 BCF withdrawal at this time last year and a five-year average withdrawal amount of 56 BCF.
As of 8:55AM this morning in Globex, WTI Crude was down 27 cents; Natural Gas was down two cents; Heating Oil was down one cent; and Gasoline was down one cent.
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