Wednesday, March 29
th, settlement day for the April contract saw the front-month NYMEX contract open at $1.981, five cents below Tuesday’s closing price of $2.030. In a sparse day of trading, prices rose to an intraday high of $2.083 and settled at $1.991.
The more actively traded May contract closed lower on Tuesday as well at $2.126, nine cents below Wednesday’s closing price of $2.215. Marking the intraday low of $2.103 within minutes of the open, the contract rose through the morning to reclaim overnight losses amid mild forecasts. Recording the intraday high of $2.225 at 1:25PM, May closed lower on Wednesday at $2.184.
The EIA Natural Gas Storage Report is due out on Thursday at 10:30AM. The report is expected to show a 53 BCF withdrawal from storage for the week ended March 24. This compares to a 26 BCF injection at this time last year and a five-year average withdrawal amount of 17 BCF.
As of 6:55AM EST this morning in Globex, WTI Crude was up 75 cents; Natural Gas was down five cents; Heating Oil was up two cents; and Gasoline was unchanged.
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.