March 21, 2024
Wednesday, March 20
th saw the front-month NYMEX Natural Gas Futures Contract open at $1.736, a penny below Tuesday’s closing price of $1.744. Recording the intraday high of $1.737 within minutes of the open, the contract stabilized near $1.700 by 9:30AM. Short-term heating demand continued to prop up the contract throughout the session. Prices marked an intraday low of $1.686 at 10:30AM and 12:45PM. April closed lower on Wednesday at $1.699.
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 6:30AM EST this morning in Globex, WTI Crude was down 15 cents; Natural Gas was down one cent; Heating Oil was down two cents; and Gasoline was down one cent.
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