March 6, 2024
Tuesday, March 5
th saw the front-month NYMEX Natural Gas Futures Contract open at $1.914, nearly even to Monday’s closing price of $1.916. Trading within a tight band near $1.910 throughout the morning, markets continue to weigh the ongoing EQT production cutbacks against healthy storage levels and weak demand. Momentarily jumping to the intraday high of $2.009 at 1:30PM, April closed higher on Tuesday at $1.957.
The EIA Natural Gas Storage Report is due out on Thursday at 10:30AM. The report is expected to show a 43 BCF withdrawal from storage for the week ended February 23
rd. This compares to an 84 BCF withdrawal this time last year and a five-year average withdrawal amount of 93 BCF.
As of 6:20AM EST this morning in Globex, WTI Crude was up 77 cents; Natural Gas was down two cents; Heating Oil was down one cent; and Gasoline was up one cent.
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