March 2, 2023
Wednesday, March 1
st saw the front-month NYMEX Natural Gas Futures Contract open at $2.717, three cents below Tuesday’s closing price of $2.747. Following a momentary dip to the intraday low of $2.664, prices were quick to return to opening level territory, trading along either side of $2.720 through midday, forecasts are showing a return to frigid temperatures for the middle of the month. Ascending into the afternoon to reach and intraday high of $2.817 at 2:25PM, April closed higher on Wednesday at $2.811.
The EIA Natural Gas Storage Report is due out on Thursday at 10:30AM. The report is expected to show a 79 BCF withdrawal from storage for the week ended February 24. This compares to a 139 BCF withdrawal at this time last year and a five-year average withdrawal amount of 134 BCF.
As of 7:40AM EST this morning in Globex, WTI Crude was up 32 cents; Natural Gas was down six cents; Heating Oil was up one cent; and Gasoline was up one cent.
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