March 14, 2024
Wednesday, March 13
th saw the front-month NYMEX Natural Gas Futures Contract open at $1.664, five cents below Tuesday’s closing price of $1.714. In an uneventful day of trading, prices traded within a tight band near $1.675; marking the intraday low of $1.653 at 9:25AM and intraday high of $1.697 at 12:30PM. Shrugging off the latest news of production cuts and impending short-term winter conditions next week, April closed lower on Wednesday at $1.658.
The EIA Natural Gas Storage Report is due out on Thursday at 10:30AM. The report is expected to show a 4 BCF withdrawal from storage for the week ended March 8
th. This compares to a 58 BCF withdrawal this time last year and a five-year average withdrawal amount of 87 BCF.
As of 6:50AM EST this morning in Globex, WTI Crude was up 64 cents; Natural Gas was up one cent; Heating Oil was up three cents; and Gasoline was up one cent.
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