March 20, 2024
Tuesday, March 19
th saw the front-month NYMEX Natural Gas Futures Contract open at $1.741, four cents above Monday’s closing price of $1.703. Short-term forecasts calling for increased demand and production cuts continue to provide some light bullish support, as the contract was higher overnight. Climbing to an intraday high of $1.769 by 10:15AM, prices then withdrew to tally an intraday low of $1.714 by 1:15PM. April closed higher on Tuesday at $1.744.
The EIA Natural Gas Storage Report is due out on Thursday at 10:30AM. The report is expected to show a 1 BCF injection to storage for the week ended March 15
th. This compares to a 72 BCF withdrawal this time last year and a five-year average withdrawal amount of 42 BCF.
As of 6:50AM EST this morning in Globex, WTI Crude was down 94 cents; Natural Gas was down two cents; Heating Oil was down six cents; and Gasoline was down four cents.
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