Tuesday, March 26th saw the April NYMEX Natural Gas Futures Contract settle at $1.575, four cents below Monday’s closing price of $1.615.
The more actively traded May contract opened at $1.797, a penny above the previous day’s close of $1.789. Absent of motivation from market fundamentals, prices rose to an intraday high of $1.813 near 9:30AM and proceeded to trade sideways along $1.785 throughout the day. Touching down at an intraday low of $1.775 at 2:15PM, May closed nearly flat on Tuesday at $1.788.
The EIA Natural Gas Storage Report is due out on Thursday at 10:30AM. The report is expected to show a 29 BCF withdrawal from storage for the week ended March 22nd. This compares to a 47 BCF withdrawal this time last year and a five-year average withdrawal amount of 27 BCF.
As of 6:00AM EST this morning in Globex, WTI Crude was down 63 cents; Natural Gas was down one cent; Heating Oil was down three 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.
