Wednesday, March 11th saw the front-month NYMEX Natural Gas contract open at $3.105, $0.085 above Tuesday’s closing price $3.020. Trading near $3.085 through the day’s opening hour, prices slipped to an intraday low of $3.073 at 10:05AM only to rally soon thereafter. Eyeing the arrival of more seasonal temperatures for the coming week, the contract mounted a steady ascent that would span the session. Recording the intraday high of $3.216 at 2:25PM, April closed higher on Wednesday at $3.209.
The EIA Natural Gas Storage Report is due out Thursday at 10:30AM. The report is expected to show a 37 BCF withdrawal from storage for the week ended March 6. This compares to a 62 BCF withdrawal this time last year and a five-year average withdrawal amount of 64 BCF.
As of 6:20AM this morning in Globex, WTI Crude was up $4.060; Natural Gas was up $0.040; Heating Oil was up $0.190; and Gasoline was up $0.097.
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