April NYMEX Natural Gas Futures Contract Closed at $1.759 on Monday, March 11th

Monday, March 11th saw the front-month NYMEX Natural Gas Futures Contract open at $1.761, four cents below Friday’s closing price of $1.805. Recording the intraday high of $1.789 by 9:15AM, the contract traded largely sideways along $1.765 throughout the session. Apart from a fleeting cold spell expected to arrive later in the month, bearish sentiment continues to reign supreme. April closed lower on Monday at $1.759.

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 6:20AM EST this morning in Globex, WTI Crude was up 61 cents; Natural Gas was two cents; Heating Oil was up two cents; and Gasoline was up one cent.
                                
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.
 

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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.