Tuesday, February 27
th saw the front-month NYMEX Natural Gas Futures Contract open at $1.680, two cents above Monday’s closing price of $1.659. Trading within a wide range throughout the day, March settled lower on Tuesday at $1.615.
The more actively traded April contract opened nearly seven cents higher at $1.810. Supported by production cuts and settlement volatility, prices rose to an intraday high of $1.838 by 10:15AM. Trending lower on the back nine to record an intraday low of $1.770 at 2:05PM, April closed higher on Tuesday at $1.808.
The EIA Natural Gas Storage Report is due out on Thursday at 10:30AM. The report is expected to show a 94 BCF withdrawal from storage for the week ended February 23
rd. This compares to an 81 BCF withdrawal this time last year and a five-year average withdrawal amount of 143 BCF.
As of 6:15AM EST this morning in Globex, WTI Crude was down 73 cents; Natural Gas was down one cent; Heating Oil was down three cents; and Gasoline was down two cents.
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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.