May NYMEX Natural Gas Futures Contracts Closed at $2.698 on Wednesday, March 28th

Market Insights
Natural Gas
Basis
NYMEX
March 29, 2018
On Wednesday, March 28th – the May NYMEX Natural Gas Futures Contracts began trading as the prompt month.  Opening at $2.700, slightly below Tuesday’s closing price of $2.714, the contract traded within a penny of this mark for the entirety of the day.  Foregoing the winter-like conditions that have hung around in the past week, traders have shifted their focus to the coming spring season where demand is expected to decline.  May closed lower on Wednesday at $2.698.

The EIA Natural Gas Storage Report is due out at 10:30AM today.  The report is expected to show a 65 BCF withdrawal from storage for the week ended March 23rd.  This compares to a 43 BCF withdrawal at this time last year and a five-year average withdrawal amount of 46 BCF.

This morning in Globex, WTI Crude was down 10 cents; Natural Gas was up four cents; Heating Oil was down two cents; and, Gasoline was down slightly.  
 
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