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
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