Tuesday, March 19th saw the front-month NYMEX Natural Gas Futures Contract open at $1.741, four cents above Monday’s closing price of $1.703. Short-term forecasts calling for increased demand and production cuts continue to provide some light bullish support, as the contract was higher overnight. Climbing to an intraday high of $1.769 by 10:15AM, prices then withdrew to tally an intraday low of $1.714 by 1:15PM. April closed higher on Tuesday at $1.744.
The EIA Natural Gas Storage Report is due out on Thursday at 10:30AM. The report is expected to show a 1 BCF injection to storage for the week ended March 15th. This compares to a 72 BCF withdrawal this time last year and a five-year average withdrawal amount of 42 BCF.
As of 6:50AM EST this morning in Globex, WTI Crude was down 94 cents; Natural Gas was down two cents; Heating Oil was down six cents; and Gasoline was down four cents.
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.