April NYMEX Natural Gas Futures Contracts Closed at $2.731 on Wednesday, March 14th

Wednesday, March 14th saw the front-month NYMEX Natural Gas Futures Contracts open at $2.740, nearly five cents below Tuesday’s closing price of $2.786.  Receding overnight with traders shifting their focus to milder spring temperatures, short-term demand gave way as the contract swooped lower into the morning.  Bottoming out at the intraday low of $2.710 near 11:00AM, a modest recovery effort spanned into the afternoon as a slightly above-average storage withdrawal estimate provided support.  April closed lower on Wednesday at $2.731.

The EIA Natural Gas Storage Report is due out at 10:30AM today.  The report is expected to show a 100 BCF withdrawal from storage for the week ended March 9th.  This compares to a 53 BCF withdrawal at this time last year and a five-year average withdrawal amount of 97 BCF.

This morning in Globex, WTI Crude was up 39 cents; Natural Gas was up two cents; Heating Oil was up slightly; and, Gasoline was down slightly.  

Natural Gas Glossary
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