April NYMEX Natural Gas Futures Contract Closed at $1.936 on Tuesday, March 10th

Tuesday, March 10th saw the front-month NYMEX Natural Gas Futures Contract open at $1.849, seven cents above Monday’s closing price of $1.778.  Climbing from an intraday low of $1.834 at 9:10AM, prices rose confidently to reach as high as $1.932 by 10:30AM.  The recent rally can likely be attributed to cuts in U.S. oil production, which in turn can lead to a reduction in natural gas output.  Trading within three cents of $1.905 into the early afternoon, the contract rose to a near three week intraday high of $1.938 at 2:20PM, closing higher on Tuesday at $1.936.

As of 8:50AM EST this morning in Globex, WTI Crude was down $1.26; Natural Gas was down one cent; Heating Oil was down two cents; and Gasoline was down four cents.

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