May NYMEX Natural Gas Futures Contract Closed at $2.106 on Tuesday, April 4th

Tuesday, April 4th saw the front-month NYMEX Natural Gas Futures Contract open at $2.129, three cents above Monday’s closing price of $2.097. Tallying the intraday high of $2.135 within minutes of the open, supported by an expected drop in production due to pipeline maintenance, prices then trended lower. Skidding along the $2.080 level for the balance of the session, marking an intraday low of $2.076 at 11:30AM, May posted a last-minute ascent to close higher on Tuesday at $2.106.

The EIA Natural Gas Storage Report is due out on Thursday at 10:30AM. The report is expected to show a 22 BCF withdrawal from storage for the week ended March 31. This compares to a 33 BCF withdrawal at this time last year and a five-year average withdrawal amount of 0 BCF.

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

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.