March 7, 2024
Wednesday, March 6
th saw the front-month NYMEX Natural Gas Futures Contract open at $1.963, just above Tuesday’s closing price of $1.957. Reaching the intraday high of $1.972 ahead of 9:30AM, modest changes to weather forecasts overnight provided a bearish influence throughout the session. Crossing midday at $1.941, the contract tallied an intraday low of $1.921 ahead of 2:30PM. April closed lower on Wednesday at $1.929.
The EIA Natural Gas Storage Report is due out on Thursday at 10:30AM. The report is expected to show a 37 BCF withdrawal from storage for the week ended February 23
rd. This compares to an 84 BCF withdrawal this time last year and a five-year average withdrawal amount of 93 BCF.
As of 6:15AM EST this morning in Globex, WTI Crude was down 77 cents; Natural Gas was up two cents; Heating Oil was down two cents; and Gasoline was down two cents.
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