Friday, March 8th saw the front-month NYMEX Natural Gas Futures Contract open at $1.781, nearly four cents below Thursday’s closing price of $1.818. Responding to tempered forecasts, reducing expected demand to close out the month, prices moved lower overnight. Recovering from the intraday low as markets opened, the contract rose steadily throughout the session to reach an intraday high of $1.837 at 1:00PM. April closed slightly lower on Friday at $1.805.
The EIA Natural Gas Storage Report published last Thursday showed a 40 BCF withdrawal from storage for the week ended March 1 – in line with the market estimate 37 BCF. Total working gas in storage was reported as 2,334 BCF; 13.6% above this time last year and 30.9% above the five-year average.
As of 6:15AM EST this morning in Globex, WTI Crude was up 25 cents; Natural Gas was up one cent; Heating Oil was down slightly; and Gasoline was up two 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.
