June NYMEX Natural Gas Futures Contract Closed at $2.938 on Wednesday, May 5th

Wednesday, May 5th saw the front-month NYMEX Natural Gas Futures Contract open at $2.964, nearly even to Tuesday’s closing price of $2.967.  Ascending to $2.975 early on, prices slipped to an intraday low of $2.913 by 10:00AM.  Recovering to mark an intraday high of $2.977 at 11:10AM, the contract has been range bound the past few sessions, as the $3.000 level looms close by.  Traders are likely waiting for the next market catalyst, which could come in today’s EIA Storage Report.  June traded near $2.950 for the majority of the afternoon, closing lower on Wednesday at $2.938.

The EIA Natural Gas Storage Report is due out on Thursday at 10:30AM. The report is expected to show a 66 BCF injection to storage for the week ended April 30th.  This compares to a 109 BCF injection at this time last year and a five-year average injection amount of 81 BCF.

As of 7:00AM EST this morning in Globex, WTI Crude was down 50 cents; Natural Gas was up one cent; Heating Oil was down two cents; and Gasoline was down 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.

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.