April NYMEX Natural Gas Futures Contract Closed at $1.800 on Tuesday, March 3rd

Tuesday, March 3rd saw the front-month NYMEX Natural Gas Futures Contract open at $1.797, four cents above Monday’s closing price of $1.756.  In a volatile day of trading, prices fell to an intraday low of $1.768 at 9:10AM and surpassed $1.830 within the following hour.  Despite bearish forecasts, some analysts are attributing the day’s growth to recoveries in the crude oil and stock markets, with additional support from profit taking.  Ascending to an intraday high of $1.839 at 12:20PM, the afternoon was dominated by selling as April closed higher on Tuesday at $1.800.

As of 8:50AM EST this morning in Globex, WTI Crude was up 93 cents; Natural Gas was up one cent; Heating Oil was up two cents; and Gasoline was up three cents.

New York basis values were unchanged for all seasons, whereas New England basis values were lower for all seasons.  Additionally, cash prices were higher in New York and New England.

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