Friday, March 10th saw the front-month NYMEX Natural Gas Futures Contract open at $2.495, five cents below Thursday’s closing price of $2.543. Recording the intraday high of $2.550 within minutes of the open, the contract chopped around the $2.510 mark through the morning hours. Eventually giving way to selling pressure as storage remains healthy and then end of winter is within reach, prices fell to the intraday low of $2.425 ahead of closing. April closed lower on Friday at $2.430; down 19% on the week.
The EIA Natural Gas Storage Report published on Thursday showed an 84 BCF withdrawal from storage for the week ended March 3 – in line with the market estimate of 82 BCF. Total working gas in storage was reported as 2,030 BCF; 32.1% above this time last year and 21.5% above the five-year average.
As of 6:50AM EST this morning in Globex, WTI Crude was down $1.40; Natural Gas was up three cents; Heating Oil was down three cents; and Gasoline was down four 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.
