Tuesday, February 27th saw the front-month NYMEX Natural Gas Futures Contract open at $1.680, two cents above Monday’s closing price of $1.659. Trading within a wide range throughout the day, March settled lower on Tuesday at $1.615.
The more actively traded April contract opened nearly seven cents higher at $1.810. Supported by production cuts and settlement volatility, prices rose to an intraday high of $1.838 by 10:15AM. Trending lower on the back nine to record an intraday low of $1.770 at 2:05PM, April closed higher on Tuesday at $1.808.
The EIA Natural Gas Storage Report is due out on Thursday at 10:30AM. The report is expected to show a 94 BCF withdrawal from storage for the week ended February 23rd. This compares to an 81 BCF withdrawal this time last year and a five-year average withdrawal amount of 143 BCF.
As of 6:15AM EST this morning in Globex, WTI Crude was down 73 cents; Natural Gas was down one cent; Heating Oil was down three cents; and Gasoline was down two cents.
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.
