April NYMEX Natural Gas Futures Contract Closed at $1.800 on Tuesday, March 3rd

Tuesday, March 3rd saw the front-month NYMEX Natural Gas Futures Contract open at $1.797, four cents above Monday’s closing price of $1.756.  In a volatile day of trading, prices fell to an intraday low of $1.768 at 9:10AM and surpassed $1.830 within the following hour.  Despite bearish forecasts, some analysts are attributing the day’s growth to recoveries in the crude oil and stock markets, with additional support from profit taking.  Ascending to an intraday high of $1.839 at 12:20PM, the afternoon was dominated by selling as April closed higher on Tuesday at $1.800.

As of 8:50AM EST this morning in Globex, WTI Crude was up 93 cents; Natural Gas was up one cent; Heating Oil was up two cents; and Gasoline was up three cents.

New York basis values were unchanged for all seasons, whereas New England basis values were lower for all seasons.  Additionally, cash prices were higher in New York and New England.

Natural Gas Glossary
Natural Gas Supplier
                                                                                                 
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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.