March 2, 2022
Tuesday, March 1
st saw the April NYMEX Natural Gas Futures Contract open at of $4.469, seven cents above Monday’s closing price of $4.402. Falling to an intraday low of $4.432 out of the gate, prices rose throughout the morning to cross midday near $4.600. Short-term weather forecasts are bullish and LNG demand is still high. Achieving an intraday high of $4.627 at 12:40PM, April closed higher on Tuesday at $4.573.
The EIA Natural Gas Storage Report is due out on Thursday at 10:30AM. The report is expected to show a 138 BCF withdrawal from storage for the week ended February 25. This compares to a 98 BCF withdrawal at this time last year and a five-year average withdrawal amount of 98 BCF.
As of 6:55AM EST this morning in Globex, WTI Crude was up $6.55; Natural Gas was up 18 cents; Heating Oil was up 23 cents; and Gasoline was up 14 cents.
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