Monday, March 18th saw the front-month NYMEX Natural Gas Futures Contract open at $1.729, seven cents above Friday’s closing price of $1.655. Achieving the intraday high of $1.751 prior to 9:05AM, supportive weather forecasts for the coming week helped to buoy the ailing contract early on. Trending lower heading into midday, the contract traded along $1.700 through the afternoon. April closed higher on Monday at $1.703.
The EIA Natural Gas Storage Report published last Thursday showed a 9 BCF withdrawal from storage for the week ended March 8 – in line with the market estimate 4 BCF. Total working gas in storage was reported as 2,325 BCF; 16.9% above this time last year and 37.1% above the five-year average.
As of 6:50AM EST this morning in Globex, WTI Crude was down nine cents; Natural Gas was flat; Heating Oil was down two cents; and Gasoline was down 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.
