April NYMEX Natural Gas Futures Contracts Closed at $2.777 on Wednesday, March 7th

Wednesday, March 7th saw the front-month NYMEX Natural Gas Futures Contracts open at $2.777, three cents above Tuesday’s closing price of $2.749.  Adding a penny as markets opened to reach the intraday high of $2.788, the contract retreated slightly in the following hour to mark the intraday low of $2.769.  Trading within this two-cent range for the balance of the day as the contract posted a staggered ascent, below-average temperatures covering much of the east coast have supported this week’s growth as traders await Thursday’s storage report.  April closed higher on Wednesday at $2.777.

The EIA Natural Gas Storage Report is due out at 10:30AM today.  The report is expected to show a 60 BCF withdrawal from storage for the week ended March 2nd.  This compares to a 68 BCF withdrawal at this time last year and a five-year average withdrawal amount of 129 BCF.

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

Natural Gas Glossary
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