April NYMEX Natural Gas Futures Contracts Closed at $2.617 on Thursday, March 22nd

Thursday, March 22nd saw the front-month NYMEX Natural Gas Futures Contracts open at $2.651, more than a penny above Wednesday’s closing price of $2.638.  Supported overnight by expectations of an above-average storage withdrawal, prices rose to the $2.66 level by 10:00AM.  Jumping to the intraday high of $2.667 thirty minutes later as the inventory report was released, the contract quickly stepped lower as traders look to the end of the withdrawal season.  Shedding the morning’s gains to mark the intraday low of $2.614 ahead of closing, April finished lower on Thursday at $2.617.

The EIA Natural Gas Storage Report published on Thursday showed an 86 BCF withdrawal from storage for the week ended March 16th – nearly even to the market estimate of 85 BCF.  Total working gas in storage was reported as 1,446 BCF; 31.6% below this time last year and 18.5% below the five-year average.

This morning in Globex, WTI Crude was up 42 cents; Natural Gas was down two cents; Heating Oil was up one cent; and, Gasoline was up two cents.  

Natural Gas Glossary
                                                                                                 
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.