Monday, March 25th saw the front-month NYMEX Natural Gas Futures Contract open at $1.615, four cents below Friday’s closing price of $1.659. Marking the intraday low of $1.608 within minutes of the opening bell, prices rose to hover near the $1.640 level for much of the day. Marking the intraday high of $1.653 on multiple occasions throughout the day, the market continues to face downward pressure due to ample storage levels and forecasts for weak heating demand. April closed lower on Monday at $1.615
The EIA Natural Gas Storage Report published last Thursday showed a 7 BCF injection to storage for the week ended March 15 – in line with the market estimate 1 BCF. Total working gas in storage was reported as 2,332 BCF; 21.4% above this time last year and 41.0% above the five-year average.
As of 7:00AM EST this morning in Globex, WTI Crude was up two cents; Natural Gas was up two cents; Heating Oil was down two cents; and Gasoline was down 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.
