March 31, 2022
Wednesday, March 30
th saw the May NYMEX Natural Gas Futures Contract open at of $5.420, eleven cents above Tuesday’s closing price of $5.330. Finding the intraday low of $5.391 soon after the opening bell, the contract began a steep ascent as geopolitical tensions persist, and LNG demand remains strong. Ascending to $5.553 by 10:30AM, prices rose to a two-month intraday high of $5.624 ahead of 2:30PM. May closed higher on Wednesday at $5.605.
The EIA Natural Gas Storage Report is due out on Thursday at 10:30AM. The report is expected to show a 15 BCF injection to storage for the week ended March 25. This compares to a 7 BCF injection at this time last year and a five-year average withdrawal amount of 23 BCF.
As of 6:50AM EST this morning in Globex, WTI Crude was down $6.68; Natural Gas was down five cents; Heating Oil was down 14 cents; and Gasoline down 12 cents.
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