Tuesday, March 17th saw the front-month NYMEX Natural Gas contract open at $3.070, $0.047 above Monday’s closing price $3.023. Marking the intraday high of $3.094 ahead of 9:30AM, the contract then posted a steady decline that would span the session. Falling to the intraday low of $3.013 at 12:30PM prices traded sideways heading into closing amid continued geopolitical risks and bearish weather forecasts. April closed slightly higher on Tuesday at $3.033.
The EIA Natural Gas Storage Report is due out Thursday at 10:30AM. The report is expected to show a 37 BCF injection to storage for the week ended March 13. This compares to a 9 BCF injection this time last year and a five-year average withdrawal amount of 29 BCF.
As of 6:20AM this morning in Globex, WTI Crude was down $1.520; Natural Gas was down $0.067; Heating Oil was up $0.426; and Gasoline was up $0.011.
For access to Sprague’s full Natural Gas Market Watch Report including commentary not posted here, please send your request to natgas@spragueenergy.com or call 1-855-466-2842