March 15, 2018
Wednesday, March 14
th saw the front-month NYMEX Natural Gas Futures Contracts open at $2.740, nearly five cents below Tuesday’s closing price of $2.786. Receding overnight with traders shifting their focus to milder spring temperatures, short-term demand gave way as the contract swooped lower into the morning. Bottoming out at the intraday low of $2.710 near 11:00AM, a modest recovery effort spanned into the afternoon as a slightly above-average storage withdrawal estimate provided support. April closed lower on Wednesday at $2.731.
The EIA Natural Gas Storage Report is due out at 10:30AM today. The report is expected to show a 100 BCF withdrawal from storage for the week ended March 9
th. This compares to a 53 BCF withdrawal at this time last year and a five-year average withdrawal amount of 97 BCF.
This morning in Globex, WTI Crude was up 39 cents; Natural Gas was up two cents; Heating Oil was up slightly; and, Gasoline was down slightly.
Natural Gas Glossary
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