Tuesday, March 14th saw the front-month NYMEX Natural Gas Futures Contract open at $2.641, four cents above Monday’s closing price of $2.606. Recording the intraday high of $2.642 within minutes of the open, below average temperatures forecasted to carry us to the end of the month provided support despite robust storage levels. Trending lower throughout the morning to cross midday at $2.565, prices slipped to an intraday low of $2.530 at 1:20PM. April closed at $2.573.
The EIA Natural Gas Storage Report is due out on Thursday at 10:30AM. The report is expected to show a 53 BCF withdrawal from storage for the week ended March 10. This compares to a 79 BCF withdrawal at this time last year and a five-year average withdrawal amount of 77 BCF.
As of 6:00AM EST this morning in Globex, WTI Crude was up 31 cents; Natural Gas was down one cent; Heating Oil was down two cents; and Gasoline was up one cent.
For access to Sprague’s full Natural Gas Market Watch Report including commentary not posted here, please send your request to natgas@spragueenergy.com or call 1-855-466-2842.
