April NYMEX Natural Gas Futures Contract Closed at $2.528 on Wednesday, March 17th

Wednesday, March 17th saw the front-month NYMEX Natural Gas Futures Contract open at $2.534, three cents below Tuesday’s closing price of $2.562.  Ascending to an intraday high of $2.553 by 9:30AM, prices then trended lower as forecasts for the remainder of March remain bearish.  Tallying an intraday low of $2.489 just after midday, the contract managed to post a modest recovery by day’s end.  Recording an intraday high of $2.544 at 1:30PM, April closed lower on Wednesday at $2.528.

The EIA Natural Gas Storage Report is due out today at 10:30AM. The report is expected to show a 19 BCF withdrawal from storage for the week ended March 12th. This compares to a nine BCF withdrawal at this time last year and a five-year average withdrawal amount of 59 BCF.

As of 7:30AM EST this morning in Globex, WTI Crude was down three cents; Natural Gas was down two cents; Heating Oil was up slightly; and Gasoline was up one cent.
 
Natural Gas Glossary
Natural Gas Supplier
                                                                                                       
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.