Natural Gas Price Today: According to preliminary figures for Natural Gas futures markets from CME Group, open interest and volume went up by around 8.2K contracts and by around 34.2K contracts, respectively, on Wednesday.
Natural Gas price remains supported by $2.48
Prices of Natural Gas extended the leg lower for another session on Wednesday amidst rising open interest and volume. Against that, the continuation of the downtrend looks likely in the very near-term with decent contention emerging at the 200-day SMA near the $2.48 per MMBtu.
Inventories are Lower than a Year Ago
Natural gas stockpiles are expected to rise this week. The net withdrawals from storage totaled 36 Bcf for the week ending March 19, compared with the five-year average net withdrawals of 51 Bcf and last year’s net withdrawals of 26 Bcf during the same week. Working natural gas stocks totaled 1,746 Bcf, which is 78 Bcf lower than the five-year average and 263 Bcf lower than last year at this time.