Tuesday, March 17th saw the front-month NYMEX Natural Gas Futures Contract open at $1.788, three cents below Monday’s closing price of $1.815. Climbing to an intraday high of $1.820 within minutes of the opening bell, prices then tumbled lower to reach $1.768 by 10:30AM. Mounting a recovery effort that nearly managed to eclipse the $1.800 level, the contract ultimately withdrew into the afternoon as mild temperatures and global economic downturn provided downward pressure. April closed lower on Tuesday at $1.729.
As of 7:15AM EST this morning in Globex, WTI Crude was down $1.61; Natural Gas was down six cents; Heating Oil was down two cents; and Gasoline was up one cent.
New York basis values were unchanged for all season, whereas New England basis values were unchanged for the coming summer months and lower for the following winter season. Additionally, cash prices were unchanged in New York and lower in New England.
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