Tuesday, April 25th saw the front-month NYMEX Natural Gas Futures Contract open at $2.214, five cents below Monday’s closing price of $2.273. Posting a steady rise throughout the day, marking an intraday high of $2.312 ahead of 2:30PM, May closed higher on Tuesday at $2.307.
The more actively-traded June contract opened at $2.416, six cents below Monday’s closing price of $2.471. Trading within a tight band near $2.420 over the course of the day, expected below-average temperatures lasting into early May provided support. June closed higher at $2.437.
The EIA Natural Gas Storage Report is due out on Thursday at 10:30AM. The report is expected to show a 78 BCF injection to storage for the week ended April 21. This compares to a 40 BCF injection at this time last year and a five-year average injection amount of 43 BCF.
As of 6:25AM EST this morning in Globex, WTI Crude was up 30 cents; Natural Gas was down nine cents; Heating Oil was down one cent; and Gasoline was up one cent.
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.
