Natural Gas Storage Report Predictions for April

Tuesday, April 1^st saw the front-month NYMEX Natural Gas contract opened at $4.216, $0.151 cents above Friday’s closing price of $4.119. Recording the intraday high of $4.060 ahead of 10:00AM, prices trended gradually lower through the session as forecasts call for mild temperatures. Providing additional bearish support, this week’s storage report is expecting a seasonally large injection. Crossing midday at $4.032, the contract fell to an intraday low of $3.934 at 2:15PM. May closed lower on Tuesday at $3.951.

The EIA Natural Gas Storage Report is due out Thursday at 10:30AM. The report is expected to show a 23 BCF injection to storage for the week ended March 28. This compares to a 37 BCF withdrawal this time last year and a five-year average withdrawal amount of 13 BCF.

As of 7:00AM this morning in Globex, WTI Crude was down $0.430; Natural Gas was up $0.040; Heating Oil was down $0.004; and Gasoline was down $0.007.

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