April NYMEX Natural Gas Futures Contracts Closed at $2.731 on Wednesday, March 14th

Wednesday, March 14th saw the front-month NYMEX Natural Gas Futures Contracts open at $2.740, nearly five cents below Tuesday’s closing price of $2.786.  Receding overnight with traders shifting their focus to milder spring temperatures, short-term demand gave way as the contract swooped lower into the morning.  Bottoming out at the intraday low of $2.710 near 11:00AM, a modest recovery effort spanned into the afternoon as a slightly above-average storage withdrawal estimate provided support.  April closed lower on Wednesday at $2.731.

The EIA Natural Gas Storage Report is due out at 10:30AM today.  The report is expected to show a 100 BCF withdrawal from storage for the week ended March 9th.  This compares to a 53 BCF withdrawal at this time last year and a five-year average withdrawal amount of 97 BCF.

This morning in Globex, WTI Crude was up 39 cents; Natural Gas was up two cents; Heating Oil was up slightly; and, Gasoline was down slightly.  

Natural Gas Glossary
                                                                                                 
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.

Related Articles

The Market Remained Concerned Over the Escalating Tensions Between Israel and Iran

October 11th, 2024
November NYMEX Natural Gas Futures Contract Closed at $2.675 on Thursday, October 10th

October 11th, 2024
Regulatory Matters – Third Quarter 2024

October 10th, 2024
The EIA Lowered its Demand Forecast for Next Year

October 10th, 2024
November NYMEX Natural Gas Futures Contract Closed at $2.660 on Wednesday, October 9th

October 10th, 2024
Energy Companies Began Shutting Down Their Pipelines in Tampa

October 9th, 2024
November NYMEX Natural Gas Futures Contract Closed at $2.733 on Tuesday, October 8th

October 9th, 2024
The Conflict in the Middle East Continuing to Drive the Market Higher

October 8th, 2024
November NYMEX Natural Gas Futures Contract Closed at $2.746 on Monday, October 7th

October 8th, 2024
November NYMEX Natural Gas Futures Contract Closed at $2.854 on Friday, October 4th

October 7th, 2024