Monday, February 23rd saw the front-month NYMEX Natural Gas contract open at $3.080, $0.033 above Friday’s closing price $3.047. Peaking at the intraday high of $3.107 by 9:10AM, the contract dwindled cautiously lower throughout the session as markets overlooked elevated short-term for the impending thaw. Factoring in the March contract settlement, prices withdrew to the intraday low of $2.977 at 2:25PM. March closed lower on Monday at $2.985.
The more heavily traded April contract closed $0.063 lower on Monday at $2.921.
The EIA Natural Gas Storage Report published last Thursday posted a 144 BCF withdrawal from storage for the week ended February 13 – below the market estimate of a 150 BCF withdrawal. Total working gas in storage was reported as 2,070 BCF; 2.8% below this time last year and 5.6% below the five-year average.
As of 6:25AM this morning in Globex, WTI Crude was flat; Natural Gas was down $0.043 Heating Oil was up $0.005; and Gasoline was down $0.003.
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
