February 27, 2020
Wednesday, February 26
th – settlement day for the March Contract – saw the front-month NYMEX Natural Gas Futures Contract open at $1.863, nearly two cents above Tuesday’s closing price of $1.847. Extending to an intraday high of $1.880 by 9:20AM, prices then posted a steady descent throughout the day’s session. Bottoming out at an intraday low of $1.810 at 2:10PM, March settled lower on Wednesday at $1.821. Primed to assume the prompt month position, the April contract tallied an intraday high of $1.886 at 9:50AM and moved lower as the day drew on to reach an intraday low of $1.832 at 2:20PM. The April contract closed lower on Wednesday at $1.837.
The EIA Natural Gas Storage Report is due out at 10:30AM today. The report is expected to show a 152 BCF withdrawal from storage for the week ended February 21
st. This compares to a 166 BCF withdrawal at this time last year and a five-year average withdrawal amount of 122 BCF.
As of 8:50AM EST this morning in Globex, WTI Crude was down $1.89 cents; Natural Gas was down six cents; Heating Oil was down four cents; and Gasoline was down eight cents.
Natural Gas Glossary
Natural Gas Supplier
For access to Sprague’s full Natural Gas Market Watch Report including commentary not posted here, please send your request to
natgas@spragueenergy.com or call 1-855-466-2842.
This market update is provided for information purposes only and is not intended as advice on any transaction nor is it a solicitation to buy or sell commodities. Sprague makes no representations or warranties with respect to the contents of such news, including, without limitation, its accuracy and completeness, and Sprague shall not be responsible for the consequence of reliance upon any opinions, statements, projections and analyses presented herein or for any omission or error in fact. The views expressed in this material are through the period as of the date of this report and are subject to change based on market and other conditions. This document contains certain statements that may be deemed forward-looking statements. Please note that any such statements are not guarantees of any future performance or results and actual results or developments may differ materially from those projected. The whole or any part of this work may not be reproduced, copied, or transmitted or any of its contents disclosed to third parties without Sprague’s express written consent.