Wednesday, March 22nd, saw the front-month NYMEX Natural Gas Futures Contracts open at $3.062, three cents below Tuesday’s closing price of $3.093. Choppy trading ensued throughout the morning as prices rose to an intraday high of $3.075 near 10:30AM and traveled lower to cross midday at $3.037. With bearish weather outweighing expectations for an above average storage withdrawal due out this morning, April slipped downward to close lower on Wednesday at $3.011.
The EIA Natural Gas Storage Report is due out at 10:30AM today. The report is expected to show a 156 BCF withdrawal from storage for the week ended March 17th. This compares to a 15 BCF injection at this time last year and a five-year average withdrawal amount of 21 BCF.
This morning in Globex, WTI Crude was up 15 cents; Natural Gas was up three cents; Heating Oil was up one cent; and, Gasoline was down one cent. Additionally, cash prices were lower in New York and New England.
Natural Gas Glossary
For access to Sprague’s full Natural Gas Market Watch Report including commentary not posted here, please send your request to email@example.com or call 1-855-466-2842.