March NYMEX Natural Gas Futures Contract Closed at $1.609 on Friday, February 16th

Friday, February 16th saw the front-month NYMEX Natural Gas Futures Contract open at $1.608, four cents below Thursday’s closing price of $1.581. Recording the intraday low of $1.590 within minutes to the open, the contract traded along $1.615 throughout the day as market fundamentals remain week due to weak demand and robust production. Marking the intraday high of $1.637 at 11:30 AM, March closed higher on Friday at $1.609; down nearly 13% on the week.

Markets were closed on Monday in observance of President’s Day.

The EIA Natural Gas Storage Report published last 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 6:30AM EST this morning in Globex, WTI Crude was down 32 cents; Natural Gas was down one cent; Heating Oil was down two cents; and Gasoline was down four 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.