April NYMEX Natural Gas Futures Contract Closed at $2.551 on Wednesday, March 8th

Wednesday, March 8th saw the front-month NYMEX Natural Gas Futures Contract open at $2.641, nearly five cents below Tuesday’s closing price of $2.687. Achieving the intraday high of $2.646 by 9:15AM, the contract then withdrew in the following hour to the $2.540 level as healthy storage levels and impending cold weigh on the market. Crossing midday at $2.555, prices fell to an intraday low of $2.519 at 1:55PM. April closed lower on Wednesday at $2.551.

The EIA Natural Gas Storage Report is due out on Thursday at 10:30AM. The report is expected to show an 82 BCF withdrawal from storage for the week ended March 3. This compares to a 124 BCF withdrawal at this time last year and a five-year average withdrawal amount of 101 BCF.

As of 7:05AM EST this morning in Globex, WTI Crude was up one cent; Natural Gas was up eight cents; Heating Oil was down slightly; and Gasoline was up slightly.
                             
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.
 

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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.