Thursday, May 13
th saw the front-month NYMEX Natural Gas Futures Contract open at $2.949, two cents below Wednesday’s closing price of $2.969. Marking an intraday low of $2.937 within minutes of the opening bell, the contract traded sideways near $2.945 through 10:00AM. Gaining two cents in the thirty minutes leading up to the storage report, prices spiked to an intraday high of $2.998 as the publication hit the wire. Trading within a narrow band near $2.975 for the balance of the day, June closed slightly higher at $2.973.
The EIA Natural Gas Storage Report published on Thursday showed a 71 BCF injection to storage for the week ended May 7
th – in line with the market estimate of 73 BCF. Please note, a reclassification of work gas to base gas in the South Central region decreased working gas stocks by four BCF, making the implied net change +75 BCF. Total working gas in storage was reported as 2,029 BCF; 15.7% below this time last year and 3.4% below the five-year average.
As of 6:50AM EST this morning in Globex, WTI Crude was up 62 cents; Natural Gas was up two cents; Heating Oil was up one cent; and Gasoline was up one cent.
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.
This market update is provided for information purposes only and is not intended as advice on any transaction nor is it a solicitation to buy or sell commodities. Sprague makes no representations or warranties with respect to the contents of such news, including, without limitation, its accuracy and completeness, and Sprague shall not be responsible for the consequence of reliance upon any opinions, statements, projections and analyses presented herein or for any omission or error in fact. The views expressed in this material are through the period as of the date of this report and are subject to change based on market and other conditions. This document contains certain statements that may be deemed forward-looking statements. Please note that any such statements are not guarantees of any future performance or results and actual results or developments may differ materially from those projected. The whole or any part of this work may not be reproduced, copied, or transmitted or any of its contents disclosed to third parties without Sprague’s express written consent.