Thursday, March 28th saw the front-month NYMEX Natural Gas Futures Contract open at $1.738, two cents above Wednesday’s closing price of $1.718. Trading within a tight band near $1.745 leading up to the weekly storage report, the contract briefly jumped to $1.764 before slipping to the intraday low of $1.718 minutes later. Posting a steady recovery in the afternoon, prices rose to an intraday high of $1.786 ahead of 2:30PM. April closed higher on Thursday at $1.763.
The EIA Natural Gas Storage Report published on Thursday showed a 36 BCF withdrawal from storage for the week ended March 22 – above the market estimate 27 BCF. Total working gas in storage was reported as 2,296 BCF; 23.0% above this time last year and 41.1% above the five-year average.
As of 7:05AM EST this morning in Globex, WTI Crude was up $1.82; Natural Gas was up five cents; Heating Oil was up two cents; and Gasoline was up five 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.
