March NYMEX Natural Gas Futures Contract Closed at $1.576 on Tuesday, February 20th

Tuesday, February 20th saw the front-month NYMEX Natural Gas Futures Contract open at $1.584, roughly two cents below Friday’s closing price of $1.609. Knocked down over the long weekend due to increasingly bearish forecasts to close out the month, prices rose to an intraday high of $1.607 at 11:00AM. Trading along $1.580 throughout the afternoon, marking the intraday low of $1.566 at 12:45PM, March closed lower on Tuesday at $1.576.

The EIA Natural Gas Storage Report is due out on Thursday at 10:30AM. The report is expected to show a 74 BCF withdrawal from storage for the week ended February 16th. This compares to a 71 BCF withdrawal this time last year and a five-year average withdrawal amount of 168 BCF.

As of 7:40AM EST this morning in Globex, WTI Crude was down 23 cents; Natural Gas was up 17 cents; Heating Oil was up slightly; and Gasoline was up two 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.
 

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.