March 24, 2022
Wednesday, March 23
rd saw the April NYMEX Natural Gas Futures Contract open at of $5.282, nearly ten cents above Tuesday’s closing price of $5.187. Trading within a ten-cent range of $5.250 through the morning hours, reaching a seven-week intraday high of $5.302 at 11:10AM, continued expectations for elevated short-term demand and steady LNG exports provided support. Trending lower into the afternoon, prices fell to an intraday low of $5.150 at 1:30PM. April closed higher on Wednesday at $5.232.
The EIA Natural Gas Storage Report is due out on Thursday at 10:30AM. The report is expected to show a 70 BCF withdrawal from storage for the week ended March 18. This compares to a 32 BCF withdrawal at this time last year and a five-year average withdrawal amount of 62 BCF.
As of 6:55AM EST this morning in Globex, WTI Crude was down 22 cents; Natural Gas was up four cents; Heating Oil was up two cents; and Gasoline was down one cent.
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