May NYMEX Natural Gas Futures Contract Closed at $1.718 on Wednesday, March 27th

Market Insights
Natural Gas
March 28, 2024
Wednesday, March 27th saw the front-month NYMEX Natural Gas Futures Contract open at $1.747, four cents below Tuesday’s closing price of $1.788. Recording the intraday high as markets opened, prices retreated to trade along $1.720 for most of the day. Tallying the intraday low of $1.704 at 10:05AM. Weak fundamentals and a drop in weekly LNG export volume continue to provide bearish pressure, as May closed lower on Wednesday at $1.718.

The EIA Natural Gas Storage Report is due out on Thursday at 10:30AM. The report is expected to show a 27 BCF withdrawal from storage for the week ended March 22nd. This compares to a 47 BCF withdrawal this time last year and a five-year average withdrawal amount of 27 BCF.

As of 6:15AM EST this morning in Globex, WTI Crude was up 63 cents; Natural Gas was down three cents; Heating Oil was down two cents; and Gasoline was up one cent.
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