Natural Gas Storage Report Insights and Expectations

Tuesday, May 6^th saw the front-month NYMEX Natural Gas contract open at $3.536, $0.014 cents below Monday’s closing price of $3.550. Reclaiming lost ground following the previous day’s profit-taking, prices rose to the intraday high of $3.648 at 10:15AM. Pulling back to cross midday at $3.495, shoulder season conditions continue to sap demand. Marking the intraday low of $3.427 at 1:10PM, June closed lower on Tuesday at $3.463.

The EIA Natural Gas Storage Report is due out Thursday at 10:30AM. The report is expected to show a 93 BCF injection to storage for the week ended May 2. This compares to a 85 BCF injection this time last year and a five-year average injection amount of 79 BCF.

As of 7:00AM this morning in Globex, WTI Crude was up $0.480; Natural Gas was up $0.099; Heating Oil was up $0.003; and Gasoline was flat.

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