March NYMEX Natural Gas Futures Contract Closed at $1.581 on Thursday, February 15th

Thursday, February 15th saw the front-month NYMEX Natural Gas Futures Contract open at $1.667, four cents below Wednesday’s closing price of $1.609. Marking the intraday high as markets opened, prices stepped lower to trade along $1.620 leading up to the weekly storage publication. Seeking direction in the minutes following the bearish report, the contract ultimately fell to record the intraday low of $1.573 at midday. March closed lower on Thursday at $1.581.

The EIA Natural Gas Storage Report published on Thursday showed a 49 BCF withdrawal from storage for the week ended February 9 – below the market estimate 65 BCF. Total working gas in storage was reported as 2,535 BCF; 11.2% above this time last year and 15.9% above the five-year average.

As of 7:00AM EST this morning in Globex, WTI Crude was down 53 cents; Natural Gas was up one cent; Heating Oil was down five cents; and Gasoline was down three 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.
 

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.