March 23, 2023
Wednesday, March 22
nd saw the front-month NYMEX Natural Gas Futures Contract open at $2.261, nine cents below Tuesday’s closing price of $2.348. Ascending to the intraday high of $2.303 by 9:45AM, prices then trended gradually lower throughout the session as impending weather conditions failed to impress. Crossing midday at $2.254 and tallying the intraday low of $2.152 ahead of 2:30PM, April closed lower on Wednesday at $2.171.
The EIA Natural Gas Storage Report is due out on Thursday at 10:30AM. The report is expected to show a 69 BCF withdrawal from storage for the week ended March 17. This compares to a 51 BCF withdrawal at this time last year and a five-year average withdrawal amount of 45 BCF.
As of 7:15AM EST this morning in Globex, WTI Crude was down 48 cents; Natural Gas was up two cents; Heating Oil was down two cents; and Gasoline was unchanged.
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. This document may not be reproduced or redistributed, in whole or in part, without the prior written permission of Sprague.