April NYMEX Natural Gas Futures Contracts Closed at $2.777 on Wednesday, March 7th

Wednesday, March 7th saw the front-month NYMEX Natural Gas Futures Contracts open at $2.777, three cents above Tuesday’s closing price of $2.749.  Adding a penny as markets opened to reach the intraday high of $2.788, the contract retreated slightly in the following hour to mark the intraday low of $2.769.  Trading within this two-cent range for the balance of the day as the contract posted a staggered ascent, below-average temperatures covering much of the east coast have supported this week’s growth as traders await Thursday’s storage report.  April closed higher on Wednesday at $2.777.

The EIA Natural Gas Storage Report is due out at 10:30AM today.  The report is expected to show a 60 BCF withdrawal from storage for the week ended March 2nd.  This compares to a 68 BCF withdrawal at this time last year and a five-year average withdrawal amount of 129 BCF.

This morning in Globex, WTI Crude was up two cents; Natural Gas was up slightly; Heating Oil was up slightly; and, Gasoline was down one cent. 

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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.

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