April NYMEX Natural Gas Futures Contract Closed at $4.111 on Thursday, March 13th

Thursday, March 13th saw the front-month NYMEX Natural Gas Futures Contract open at $3.975, down $0.109 compared to Wednesday’s closing price of $4.084. Knocked down overnight by warming forecasts, the contract traded sideways along $3.990 leading up to the weekly storage publication. Jumping to $4.140 as the bullish report hit the wire, prices remained elevated through the afternoon. Marking the intraday high of $4.189 at 12:45PM, April closed higher on Thursday at $4.111.

The EIA Natural Gas Storage Report published on Thursday posted a 62 BCF withdrawal from storage for the week ended February 28 – above the market estimate of a 48 BCF withdrawal. Total working gas in storage was reported as 1,698 BCF; 27.0% below this time last year and 11.9% below the five-year average.

As of 7:00AM this morning in Globex, WTI Crude was up $0.570; Natural Gas was down $0.073; Heating Oil was up $0.005; and Gasoline was up $0.009.

                                                                                                 
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

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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.

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