April NYMEX Natural Gas Futures Contract Closed at $1.878 on Wednesday, March 11th

Wednesday, March 10th saw the front-month NYMEX Natural Gas Futures Contract open at $1.936, even with Tuesday’s closing price of $1.936.  Breaking out early on, as those who shorted the market were forced to cover their positions, prices rose to a three-week intraday high of $1.998 at 10:00AM.  Volatile trading dominated the rest of the session, as the contract fluctuated within a seven-cent range until slipping below $1.900 at 2:15PM.  Tagging an intraday low of $1.868 at 2:20PM, April closed lower on Wednesday at $1.878.

The EIA Natural Gas Storage Report is due out at 10:30AM today. The report is expected to show a 58 BCF withdrawal from storage for the week ended March 6th. This compares to a 200 BCF withdrawal at this time last year and a five-year average withdrawal amount of 99 BCF.

As of 8:45AM EST this morning in Globex, WTI Crude was down $2.06; Natural Gas was down nine cents; Heating Oil was down ten cents; and Gasoline was down 13 cents.

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