Wednesday, April 18th saw the front-month NYMEX Natural Gas Futures Contracts open at $2.750, a penny above Tuesday’s closing price of $2.738. Climbing confidently through the day’s opening hour to reach a five-week intraday high of $2.790 by 9:40AM, the inventory-backed surge soon exhausted its resources. Despite expectations for today’s unseasonal storage withdrawal, weather driven fundamentals directed the contract lower into the afternoon to mark the intraday low of $2.739 ahead of 2:30PM. May closed nearly unchanged on Wednesday at $2.739.
The EIA Natural Gas Storage Report is due out at 10:30AM today. The report is expected to show a 26 BCF withdrawal from storage for the week ended April 13th. This compares to a 54 BCF injection at this time last year and a five-year average injection amount of 38 BCF.
This morning in Globex, WTI Crude was up 88 cents; Natural Gas was down three cents; Heating Oil was up three cents; and, Gasoline was up two cents.
Natural Gas Glossary
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