April NYMEX Natural Gas Futures Contract Closed at $5.401 on Thursday, March 24th

Thursday, March 24th saw the April NYMEX Natural Gas Futures Contract open at of $5.185, five cents below Wednesday’s closing price of $5.232. Trading along either side of $5.170 heading into the weekly storage publication, prices initially fell to the intraday low of $5.063 as the bearish report hit the wire. Finding support soon thereafter as the withdrawal fell within the varied range of expectations, the contract rose to cross midday near $5.385 and tallied a fresh seven-week intraday high of $5.464 at 1:20PM. April closed higher on Thursday at $5.401.

The EIA Natural Gas Storage Report published on Thursday showed a 51 BCF withdrawal from storage for the week ended March 18 – below the market estimate of 70 BCF. Total working gas in storage was reported as 1,389 BCF; 20.9% below this time last year and 17.4% below the five-year average.

As of 7:50AM EST this morning in Globex, WTI Crude was down $2.12; Natural Gas was up seven cents; Heating Oil was down five cents; and Gasoline was down four 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.