April NYMEX Natural Gas Futures Contract Closed at $1.805 on Friday, March 8th

Friday, March 8th saw the front-month NYMEX Natural Gas Futures Contract open at $1.781, nearly four cents below Thursday’s closing price of $1.818. Responding to tempered forecasts, reducing expected demand to close out the month, prices moved lower overnight. Recovering from the intraday low as markets opened, the contract rose steadily throughout the session to reach an intraday high of $1.837 at 1:00PM. April closed slightly lower on Friday at $1.805.

The EIA Natural Gas Storage Report published last Thursday showed a 40 BCF withdrawal from storage for the week ended March 1 – in line with the market estimate 37 BCF. Total working gas in storage was reported as 2,334 BCF; 13.6% above this time last year and 30.9% above the five-year average.

As of 6:15AM EST this morning in Globex, WTI Crude was up 25 cents; Natural Gas was up one cent; Heating Oil was down slightly; and Gasoline was up two cents.
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.