Friday, March 17th saw the front-month NYMEX Natural Gas Futures Contract open at $2.425, nine cents below Thursday’s closing price of $2.514. Extending to reach the intraday high of $2.430 ahead of 9:30AM, prices then trended lower despite the forecasted frigid end to the month. Finding the intraday low of $2.344 at 11:35AM, the contract proceeded to trade along the $2.380 level for the afternoon hours. April closed lower on Friday at $2.338.
The EIA Natural Gas Storage Report published on Thursday showed a 58 BCF withdrawal from storage for the week ended March 10 – in line with the market estimate of 53 BCF. Total working gas in storage was reported as 1,972 BCF; 35.9% above this time last year and 23.7% above the five-year average.
As of 6:50AM EST this morning in Globex, WTI Crude was down $1.25; Natural Gas was up six cents; Heating Oil was down three cents; and Gasoline was down three 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.
