Tuesday, March 8th saw the April NYMEX Natural Gas Futures Contract open at of $4.587, nearly twenty-five cents below Monday’s closing price of $4.833. Ascending to an intraday high of $4.704 at 9:50AM amid continued volatility, prices fluctuated within a twenty-cent range throughout the day as bearish temperatures move in profit-taking took hold. Crossing midday near $4.630, the contract slipped to an intraday low of $4.510 ahead of 2:30PM. April closed lower on Tuesday at $4.527.
The EIA Natural Gas Storage Report is due out on Thursday at 10:30AM. The report is expected to show a 153 BCF withdrawal from storage for the week ended March 4. This compares to a 52 BCF withdrawal at this time last year and a five-year average withdrawal amount of 89 BCF.
As of 7:00AM EST this morning in Globex, WTI Crude was down $3.30; Natural Gas was down six cents; Heating Oil was down 34 cents; and Gasoline was down eight cents.
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