April NYMEX Natural Gas Futures Contract Closed at $4.762 on Wednesday, March 2nd

Wednesday, March 2nd saw the April NYMEX Natural Gas Futures Contract open at of $4.810, twenty-four cents above Tuesday’s closing price of $4.573. Keeping with tradition of the past few sessions of marking a high/low early on, the contract posted the intraday high of $4.823 out of the gate. Losing ground as the pre-session rally lost momentum, prices slipped to an intraday low of $4.649 at 11:20AM. Posting a recovery that would span the afternoon, April closed lower on Wednesday at $4.762.

The EIA Natural Gas Storage Report is due out on Thursday at 10:30AM. The report is expected to show a 138 BCF withdrawal from storage for the week ended February 25. This compares to a 98 BCF withdrawal at this time last year and a five-year average withdrawal amount of 98 BCF.

As of 6:45AM EST this morning in Globex, WTI Crude was up $2.80; Natural Gas was up five cents; Heating Oil was up 14 cents; and Gasoline was up seven cents.
 
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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.