April NYMEX Natural Gas Futures Contracts Closed at $2.698 on Thursday, March 1st

Thursday, March 1st saw the front-month NYMEX Natural Gas Futures Contracts open at $2.670, nearly even to Wednesday’s closing price of $2.667.  Marking the intraday low of $2.669 as markets opened, the contract quickly added three cents and fluctuated along $2.695 through 10:30AM.  Momentarily spiking to the intraday high of $2.731 as the report was published, prices soon stabilized near the $2.70 mark.  Plotting gradually higher until 1:30PM, a modest decline saw April close higher on Thursday at $2.698.

The EIA Natural Gas Storage Report published on Thursday showed a 78 BCF withdrawal from storage for the week ended February 23rd – just above the market estimate of 75 BCF.  Total working gas in storage was reported as 1,682 BCF; 28.8% below this time last year and 18.1% below the five-year average.

This morning in Globex, WTI Crude was down 28 cents; Natural Gas was up one cent; Heating Oil was down three cents; and, Gasoline was down two cents.  

Natural Gas Glossary
                                                                                                 
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. The views expressed in this material are through the period as of the date of this report and are subject to change based on market and other conditions. This document contains certain statements that may be deemed forward-looking statements. Please note that any such statements are not guarantees of any future performance or results and actual results or developments may differ materially from those projected. The whole or any part of this work may not be reproduced, copied, or transmitted or any of its contents disclosed to third parties without Sprague’s express written consent.