Wednesday, April 8th saw the front-month NYMEX Natural Gas Futures Contract open at $1.842, a penny below Tuesday’s closing price of $1.852. Continuing the three-day rally early on, prices rose to an intraday high of $1.886 at 9:40AM. Trending lower from there, traders then pulled back as the contract began a staggered descent into the afternoon. Crossing midday near $1.840, May fell to an intraday low of $1.776 at 2:20PM as traders squared their positions ahead of today’s storage report. May closed lower on Wednesday at $1.783.
The EIA Natural Gas Storage Report is due out at 10:30AM today. The report is expected to show a 28 BCF injection to storage for the week ended April 3rd. This compares to a 25 BCF injection at this time last year and a five-year average injection amount of 6 BCF.
As of 7:45AM EST this morning in Globex, WTI Crude was up 80 cents; Natural Gas was down one cent; Heating Oil was down one cent; and Gasoline was up two cents.
Natural Gas Glossary
Natural Gas Supplier
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.
