Friday, March 3rd saw the front-month NYMEX Natural Gas Futures Contract open at $2.828, six cents above Thursday’s closing price of $2.765. Withdrawing to the intraday low of $2.800 by 9:45AM, the contract traded sideways near $2.830 through 11:00AM. Picking up momentum to cross midday at $2.866, prices surged to north of $2.960 an hour later. Marking a five-week intraday high of $3.027 ahead of 2:30PM, April closed higher on Friday at $3.009; up 18% on the week.
The EIA Natural Gas Storage Report published on Thursday showed an 81 BCF withdrawal from storage for the week ended February 24 – in line with the market estimate of 79 BCF. Total working gas in storage was reported as 2,114 BCF; 27.1% above this time last year and 19.3% above the five-year average.
As of 6:55AM EST this morning in Globex, WTI Crude was down $1.17; Natural Gas was down 34 cents; Heating Oil was down six cents; and Gasoline was down four 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.
