Natural Gas Market Movements and Future Predictions

Tuesday, March 24th saw the front-month NYMEX Natural Gas contract open at $2.907, $0.016 above Monday’s closing price $2.891. Marking the intraday low of $2.886 within minutes of the opening bell, the contract posted a cautious ascent through the session at traders monitored negotiations in the Middle East and the impending storage withdrawal. Crossing midday at $2.923, prices rose to the intraday high of $2.974 at 1:15PM. April closed higher on Tuesday at $2.943.

The EIA Natural Gas Storage Report is due out Thursday at 10:30AM. The report is expected to show a 48 BCF withdrawal from storage for the week ended March 20. This compares to a 37 BCF injection this time last year and a five-year average withdrawal amount of 21 BCF.

As of 6:35AM this morning in Globex, WTI Crude was down $4.550; Natural Gas was down $0.040; Heating Oil was down $0.307; and Gasoline was down $0.185.

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