Natural Gas Storage Report Insights and Predictions

Wednesday, April 8th saw the front-month NYMEX Natural Gas contract open at $2.758, $0.112 below Tuesday’s closing price $2.870. Knocked down overnight as geopolitical tensions eased following a two-week cease fire, analysts then turned their focus to bearish domestic fundamentals. Recording the intraday high of $2.770 at 10:55AM, the contract then withdrew into the afternoon. Marking a near eight-month intraday low of $2.702 at 1:15PM, May closed lower on Wednesday at $2.724.

The EIA Natural Gas Storage Report is due out Thursday at 10:30AM. The report is expected to show a 44 BCF injection to storage for the week ended April 3. This compares to a 57 BCF injection this time last year and a five-year average injection amount of 13 BCF.

As of 6:30AM this morning in Globex, WTI Crude was up $4.520; Natural Gas was up $0.004; Heating Oil was up $0.186; and Gasoline was up $0.073.

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