April NYMEX Natural Gas Futures Contracts Closed at $2.681 on Thursday, March 15th

Thursday, March 15th saw the front-month NYMEX Natural Gas Futures Contracts open at $2.740, a penny above Wednesday’s closing price of $2.731.  Climbing to the intraday high of $2.745 by 9:20AM, prices then retreated to the $2.73 mark as traders awaited the weekly storage publication.  Plummeting below $2.690 as the bearish report hit the wire, the contract continued downward to cross midday near the $2.68 level.  Falling to a two-week intraday low of $2.664 at 1:30PM, April closed lower on Thursday at $2.681.

The EIA Natural Gas Storage Report published on Thursday showed a 93 BCF withdrawal from storage for the week ended March 9th –below the market estimate of 100 BCF.  Total working gas in storage was reported as 1,625 BCF; 29.5% below this time last year and 15.6% below the five-year average.

This morning in Globex, WTI Crude was up 16 cents; Natural Gas was down one cent; Heating Oil was up slightly; and, Gasoline was down slightly.  

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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.

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