Wednesday, April 13th saw the May NYMEX Natural Gas Futures Contract open at of $6.850, seventeen cents above Tuesday’s closing price of $6.680. Marking the intraday low of $6.753 by 9:15AM, the contract continued its bullish trajectory to cross midday near $6.931. Jumping to a fresh multi-year intraday high of $7.025 at 2:00PM, supply concerns persist as production wains and LNG exports remain strong. May closed higher on Wednesday at $6.997.
The EIA Natural Gas Storage Report is due out on Thursday at 10:30AM. The report is expected to show a 20 BCF injection to storage for the week ended April 8. This compares to a 61 BCF injection at this time last year and a five-year average injection amount of 33 BCF.
As of 7:40AM EST this morning in Globex, WTI Crude was down $1.25; Natural Gas was up 10 cents; Heating Oil was up four cents; and Gasoline was down four 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.