May NYMEX Natural Gas Futures Contract Closed at $1.587 on Wednesday, April 1st

Wednesday, April 1st saw the front-month NYMEX Natural Gas Futures Contract open at $1.626, a penny below Tuesday’s closing price of $1.640.  Extending to an intraday high of $1.640 within minutes of the opening bell, prices soon retreated and found support near $1.595 at 10:30AM.  Facing continued bearish pressure from a global economic slowdown due to COVID-19, the contract fell to an intraday low of $1.580 at 12:50PM.  May closed lower on Wednesday at $1.587.

The EIA Natural Gas Storage Report is due out at 10:30AM today. The report is expected to show a 22 BCF withdrawal from storage for the week ended March 27th. This compares to a 23 BCF injection at this time last year and a five-year average withdrawal amount of 19 BCF.

As of 7:35AM EST this morning in Globex, WTI Crude was up $1.96; Natural Gas was unchanged; Heating Oil was up four cents; and Gasoline was up six cents.

Natural Gas Glossary
Natural Gas Supplier
For access to Sprague’s full Natural Gas Market Watch Report including commentary not posted here, please send your request to 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.