April NYMEX Natural Gas Futures Contract Closed at $2.749 on Thursday, March 4th

Thursday, March 4th saw the front-month NYMEX Natural Gas Futures Contract open at $2.775 four cents below Friday’s closing price of $2.816.  Prices reached their intraday high of $2.783, just before the release of the EIA Natural Gas Storage Report at 10:20AM. Upon the release of the storage report, prices fell quickly to their intraday low of $2.684 at 10:30AM. Prices rebounded just as quickly as they fell however, maintaining a calm day of trading through the late morning and afternoon. The April contract closed at $2.749.

The EIA Natural Gas Storage Report published on Thursday showed a 98 BCF withdrawal from storage for the week ended February 26th – below the market estimate expectation of 136 BCF. Total working gas in storage was reported as 1,845 BCF; 13.1% below this time last year and 8.8% below the five-year average.

As of 8:41AM EST this morning in Globex, WTI Crude was up one dollar and twenty-four cents; Natural Gas was down one cent; Heating Oil was up three cents; and Gasoline was up three cents.

Natural Gas Glossary
Natural Gas Supplier
                                                                                                       
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.