March 3, 2022
Wednesday, March 2
nd saw the April NYMEX Natural Gas Futures Contract open at of $4.810, twenty-four cents above Tuesday’s closing price of $4.573. Keeping with tradition of the past few sessions of marking a high/low early on, the contract posted the intraday high of $4.823 out of the gate. Losing ground as the pre-session rally lost momentum, prices slipped to an intraday low of $4.649 at 11:20AM. Posting a recovery that would span the afternoon, April closed lower on Wednesday at $4.762.
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 6:45AM EST this morning in Globex, WTI Crude was up $2.80; Natural Gas was up five cents; Heating Oil was up 14 cents; and Gasoline was up seven cents.
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