March 17, 2022
Wednesday, March 16
th saw the April NYMEX Natural Gas Futures Contract open at of $4.696, thirteen cents above Tuesday’s closing price of $4.568. Trending downward until reaching the intraday low of $4.637 at 10:40AM, the contract found support heading into midday and through the afternoon as below-average temperatures have entered the forecast for the end of the month. Trading sideways to finish the day, ahead of what may be the final storage withdrawal of the season today, April closed higher on Wednesday at $4.748.
The EIA Natural Gas Storage Report is due out on Thursday at 10:30AM. The report is expected to show a 75 BCF withdrawal from storage for the week ended March 11. This compares to a 11 BCF withdrawal at this time last year and a five-year average withdrawal amount of 65 BCF.
As of 6:20AM EST this morning in Globex, WTI Crude was up $4.01; Natural Gas was up five cents; Heating Oil was up 22 cents; and Gasoline was up ten cents.
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