May NYMEX Natural Gas Futures Contract Closed at $1.621 on Friday, April 3rd

Friday, April 3rd saw the front-month NYMEX Natural Gas Futures Contract open at $1.550, nearly even to Thursday’s closing price of $1.552.  Recording an intraday low of $1.534 soon after 9:00AM, prices soon found upward momentum.  Possible fueled by short covering, or mimicking the rise in oil markets as rig counts decline, the contract crossed midday at $1.578 and continued higher into the afternoon.  Tallying an intraday high of $1.627 at 2:20PM, May closed higher on Friday at $1.621, down 3% on the week.

As of 7:40AM EST this morning in Globex, WTI Crude was down 55 cents; Natural Gas was up five cents; Heating Oil was unchanged; 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.