April NYMEX Natural Gas Futures Contract Closed at $2.171 on Wednesday, March 22nd

Market Insights
Natural Gas
March 23, 2023
Wednesday, March 22nd 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.