May 4, 2018
Thursday, May 3
rd saw the front-month NYMEX Natural Gas Futures Contracts open at $2.732, two cents below Wednesday’s closing price of $2.754. Trading within a narrow band along $2.725 through 10:30AM, markets patiently awaited the season’s first injection to storage amid weakening fundamentals. Sinking to the intraday low of $2.700 as the bearish report hit the wire the contract reclaimed a penny by midday and strode gradually higher into the afternoon. June closed lower on Thursday at $2.726.
The EIA Natural Gas Storage Report published on Thursday showed a 62 BCF injection to storage for the week ended April 27
th – above the market estimate of 55 BCF. Total working gas in storage was reported as 1,343 BCF; 40.2% below this time last year and 28.4% below the five-year average.
This morning in Globex, WTI Crude was up 25 cents; Natural Gas was unchanged; Heating Oil was up one cent; and, Gasoline was up one cent.
Natural Gas Glossary
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