March 31, 2023
Thursday, March 30
th saw the front-month NYMEX Natural Gas Futures Contract open at $2.142, four cents below Wednesday’s closing price of $2.184. Ascending to the intraday high of $2.165 shortly after 9:30AM, the contract fell to trade near $2.125 ahead of the weekly storage publication. Following the marginally bearish report hitting the wire, prices withdrew into the early afternoon, stabilizing near $2.095. Marking the intraday low $2.080 at 2:15PM, May closed lower on Thursday at $2.104.
The EIA Natural Gas Storage Report published on Thursday showed a 47 BCF withdrawal from storage for the week ended March 24 – in line with the market estimate of 53 BCF. Total working gas in storage was reported as 1,853 BCF; 31.3% above this time last year and 21.0% above the five-year average.
As of 6:30AM EST this morning in Globex, WTI Crude was up 33 cents; Natural Gas was up one cent; Heating Oil was up slightly; and Gasoline was down slightly.
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.