Wednesday, March 18th saw the front-month NYMEX Natural Gas contract open at $3.068, $0.035 above Tuesday’s closing price $3.033. Recording the intraday high of $3.088 within minutes of the opening bell, the contract traded within a tight band near $3.055 throughout the session. Weighing steady production and bearish forecasts against ongoing geopolitical risks, traders looked to Thursday’s storage report for direction. Marking the intraday low of $3.017 at 2:00PM, April closed higher on Wednesday at $3.065.
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 6:40AM this morning in Globex, WTI Crude was up $0.320; Natural Gas was up $0.102; Heating Oil was up $0.210; and Gasoline was up $0.070.
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