Natural Gas Weekly Report: Storage Injection Impact

Thursday, April 23rd saw the front-month NYMEX Natural Gas contract open at $2.673, $0.049 below Wednesday’s closing price $2.722. Recording the intraday high of $2.678 within the session’s opening minutes, prices traded sideways near $2.645 leading up to the weekly storage publication. Directed lower by the triple-digit injection, the contract tumbled to an intraday low of $2.568 at 12:45PM. Posting a minor recovery heading into closing, May finished lower on Thursday at $2.614.

The EIA Natural Gas Storage Report published on Thursday posted a 103 BCF injection to storage for the week ended April 17 – above with the market estimate of 93 BCF. Please note the revision of -10 BCF for working gas stocks from the previous week. Total working gas in storage was reported as 2,063 BCF; 7.4% above this time last year and 7.1% above the five-year average.

As of 7:25AM this morning in Globex, WTI Crude was down $1.510; Natural Gas was down $0.074; Heating Oil was down $0.030; and Gasoline was down $0.049.

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