Tuesday, March 10th saw the front-month NYMEX Natural Gas contract open at $3.029, $0.091 below Monday’s closing price $3.120. Having priced-in the conflict in Iran, traders turned their focus to the end of the winter season and mild forecasts. Marking the intraday high of $3.074 at 10:35AM, the contract traded sideways near $3.040 through midday. Marking the intraday low of $2.961 at 1:25PM, April closed lower on Tuesday at $3.020.
The EIA Natural Gas Storage Report is due out Thursday at 10:30AM. The report is expected to show a 37 BCF withdrawal from storage for the week ended March 6. This compares to a 62 BCF withdrawal this time last year and a five-year average withdrawal amount of 64 BCF.
As of 7:30AM this morning in Globex, WTI Crude was up $2.730; Natural Gas was up $0.063; Heating Oil was up $0.175; and Gasoline was up $0.080.
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