Wednesday, March 29th, settlement day for the April contract saw the front-month NYMEX contract open at $1.981, five cents below Tuesday’s closing price of $2.030. In a sparse day of trading, prices rose to an intraday high of $2.083 and settled at $1.991.
The more actively traded May contract closed lower on Tuesday as well at $2.126, nine cents below Wednesday’s closing price of $2.215. Marking the intraday low of $2.103 within minutes of the open, the contract rose through the morning to reclaim overnight losses amid mild forecasts. Recording the intraday high of $2.225 at 1:25PM, May closed lower on Wednesday at $2.184.
The EIA Natural Gas Storage Report is due out on Thursday at 10:30AM. The report is expected to show a 53 BCF withdrawal from storage for the week ended March 24. This compares to a 26 BCF injection at this time last year and a five-year average withdrawal amount of 17 BCF.
As of 6:55AM EST this morning in Globex, WTI Crude was up 75 cents; Natural Gas was down five cents; Heating Oil was up two cents; and Gasoline was unchanged.
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.
