Natural Gas Storage Report Highlights and Impacts

Thursday, April 24^th saw the front-month NYMEX Natural Gas contract open at $2.936, $0.086 cents below Wednesday’s closing price of $3.022. Prices dipped throughout the morning as a bearish storage report signaled oversupply, falling to the intraday low of $2.866 ahead of 11:45AM. However, prices rebounded in the afternoon, reaching the intraday high of $2.938 ahead of the closing bell. May closed lower at $2.930 on Wednesday.

The EIA Natural Gas Storage Report published on Thursday posted an 88 BCF injection to storage for the week ended April 18 – above the market estimate of an 80 BCF injection. Total working gas in storage was reported as 1,934 BCF; 19.8% below this time last year and 2.2% below the five-year average.

As of 9:05AM this morning in Globex, WTI Crude was down $0.810; Natural Gas was down $0.031; Heating Oil was down $0.006; and Gasoline was down $0.010.

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