April 12, 2024
Thursday, April 11
th saw the front-month NYMEX Natural Gas Futures Contract open at $1.825, six cents below Wednesday’s closing price of 1.885. Achieving the intraday high of $1.843 ahead of 9:10AM, the contract then continued its pre-session decline to stabilize near $1.815 ahead of the weekly storage report. Withdrawing further following the bearish storage report, prices fell to an intraday low of $1.754 at 2:25PM. May closed lower on Thursday at $1.764.
The EIA Natural Gas Storage Report published on Thursday showed a 24 BCF withdrawal from storage for the week ended April 5 – above the market estimate 15 BCF. Total working gas in storage was reported as 2,283 BCF; 23.5% above this time last year and 38.4% above the five-year average.
As of 7:30AM EST this morning in Globex, WTI Crude was up $1.13; Natural Gas was up one cent; Heating Oil was up five cents; and Gasoline was up 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.
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.