March NYMEX Natural Gas Futures Contract Closed at $3.994 on Monday, February 24th

Monday, February 24th saw the front-month NYMEX Natural Gas Futures Contract open at $3.930, down $0.304 compared to Friday’s closing price of $4.234. Trading sideways through the morning as forecasts shed some valuable HDD’s for the week to come, the contract marked the intraday low of $3.926 at 11:05AM. Posting a meager ascent to the intraday high of $4.024 nearly two hours later, March closed lower on Monday at $3.994.

The EIA Natural Gas Storage Report published last Thursday posted a 196 BCF withdrawal from storage for the week ended February 14 – in line with the market estimate of a 191 BCF withdrawal. Total working gas in storage was reported as 2,101 BCF; 15.5% below this time last year and 5.3% below the five-year average.

As of 7:20AM this morning in Globex, WTI Crude was down $0.190; Natural Gas was up $0.032; Heating Oil was up $0.001; and Gasoline was up $0.006.

                                                                                                       
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

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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.

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