April NYMEX Natural Gas Futures Contract Closed at 1.604 on Wednesday, March 18th

Wednesday, March 18th saw the front-month NYMEX Natural Gas Futures Contract open at $1.620, eleven cents below Tuesday’s closing price of $1.729.  Attempting to reclaim overnight losses early on, prices rose to an intraday high of $1.665 by 10:10AM.  Exhausting its momentum, selling then dominated the market as the contract plummeted into the afternoon to record the lowest intraday mark, $1.555 at 1:20PM, seen since the 1990’s.  Surging higher in the session’s final hour, April closed lower on Wednesday at $1.604.

The EIA Natural Gas Storage Report is due out at 10:30AM today. The report is expected to show a 6 BCF withdrawal from storage for the week ended March 13th. This compares to a 47 BCF withdrawal at this time last year and a five-year average withdrawal amount of 63 BCF.

As of 7:30AM EST this morning in Globex, WTI Crude was up $2.30; Natural Gas was up five cents; Heating Oil was up two cents; and Gasoline was up one cent.

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