March 22, 2023
Tuesday, March 21
st saw the front-month NYMEX Natural Gas Futures Contract open at $2.165, six cents below Monday’s closing price of $2.223. Falling overnight due to fading heating demand expectations, prices reached the intraday low of $2.127 within minutes of the open. Treading gradually higher through the morning, buying gained momentum in the afternoon as bulls jumped on the news of production cuts. Marking the intraday high of $2.358 ahead of closing, April finished higher on Tuesday at $2.348.
The EIA Natural Gas Storage Report is due out on Thursday at 10:30AM. The report is expected to show a 69 BCF withdrawal from storage for the week ended March 17. This compares to a 51 BCF withdrawal at this time last year and a five-year average withdrawal amount of 45 BCF.
As of 6:30AM EST this morning in Globex, WTI Crude was down 35 cents; Natural Gas was down nine cents; Heating Oil was up two cents; and Gasoline was unchanged.
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