April NYMEX Natural Gas Futures Contract Closed at $2.687 on Tuesday, March 7th

Market Insights
Natural Gas
March 8, 2023
Tuesday, March 7th saw the front-month NYMEX Natural Gas Futures Contract open at $2.632, six cents above Monday’s closing price of $2.572. Following the previous session’s retreat, the contract traded within a four-cent range of $2.625 through midday as incoming frigid temperatures held off any additional selling. Trending higher through the afternoon, prices peaked at an intraday high of $2.694 ahead of 2:30PM. April closed higher on
Tuesday at $2.687.

The EIA Natural Gas Storage Report is due out on Thursday at 10:30AM. The report is expected to show an 82 BCF withdrawal from storage for the week ended March 3. This compares to a 124 BCF withdrawal at this time last year and a five-year average withdrawal amount of 101 BCF.

As of 7:10AM EST this morning in Globex, WTI Crude was down twelve cents; Natural Gas was down six cents; Heating Oil was down one cent; and Gasoline was down one cent.
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.