March 9, 2023
Wednesday, March 8
th saw the front-month NYMEX Natural Gas Futures Contract open at $2.641, nearly five cents below Tuesday’s closing price of $2.687. Achieving the intraday high of $2.646 by 9:15AM, the contract then withdrew in the following hour to the $2.540 level as healthy storage levels and impending cold weigh on the market. Crossing midday at $2.555, prices fell to an intraday low of $2.519 at 1:55PM. April closed lower on Wednesday at $2.551.
The EIA Natural Gas Storage Report is due out on Thursday at 10:30AM. The report is expected to show an 82 BCF withdrawal from storage for the week ended March 3. This compares to a 124 BCF withdrawal at this time last year and a five-year average withdrawal amount of 101 BCF.
As of 7:05AM EST this morning in Globex, WTI Crude was up one cent; Natural Gas was up eight cents; Heating Oil was down slightly; and Gasoline was up slightly.
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