April NYMEX Natural Gas Futures Contract Closed at $2.030 on Tuesday, March 28th

Tuesday, March 28th saw the front-month NYMEX Natural Gas Futures Contract open at $2.094, nearly a penny above Monday’s closing price of $2.088. Posting a staggered ascent through the morning to reach an intraday high of $2.114 ahead of 11:00AM, prices then withdrew through the afternoon hours. Falling to an intraday low of $2.025 near 2:30PM, warming forecasts have seemingly removed hope for a late-season cold surge. April
closed lower on Tuesday at $2.030.

The more actively traded May contract closed lower on Tuesday as well at $2.147, down seven cents on the day.

The EIA Natural Gas Storage Report is due out on Thursday at 10:30AM. The report is expected to show a 50 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 6:35AM EST this morning in Globex, WTI Crude was up 89 cents; Natural Gas was down three cents; Heating Oil was down one cent; and Gasoline was up one cent.
                           
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.
 

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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.