Tuesday, March 23rd saw the front-month NYMEX Natural Gas Futures Contract open at $2.547, nearly four cents below Monday’s closing price of $2.582. Following an ascent to an intraday high of $2.568 at 9:50AM, forecasts for mild temperatures then directed prices lower. Crossing midday at $2.535, the contract sank to an intraday low of $2.506 ahead of 2:30PM. April closed lower on Tuesday at $2.508.
The EIA Natural Gas Storage Report is due out on Thursday at 10:30AM. The report is expected to show a 17 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 8:00AM EST this morning in Globex, WTI Crude was up $1.13; Natural Gas was up one cent; Heating Oil was up two cents; and Gasoline was up two cents.
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