June NYMEX Natural Gas Futures Contracts Closed at $2.726 on Thursday, May 3rd

Thursday, May 3rd 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 27th – 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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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.

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