April NYMEX Natural Gas Futures Contract Closed at $2.514 on Thursday, March 16th

Thursday, March 16th saw the front-month NYMEX Natural Gas Futures Contract open at $2.472, three cents above Wednesday’s closing price of $2.439. Ascending to the $2.500 level by 10:00AM, the contract traded sideways until the 10:30AM storage report. Plunging to the intraday low of $2.454 as the report hit the wire, prices were quick to recover as the intraday high of $2.546 was achieved forty-five minutes later. Trading within a tight band near $2.525 for the majority of the afternoon, April closed higher at $2.514.

The EIA Natural Gas Storage Report published on Thursday showed a 58 BCF withdrawal from storage for the week ended March 10 – in line with the market estimate of 53 BCF. Total working gas in storage was reported as 1,972 BCF; 35.9% above this time last year and 23.7% above the five-year average.
                                                                                                 
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.