May NYMEX Natural Gas Futures Contracts Closed at $2.739 on Wednesday, April 18th

Wednesday, April 18th saw the front-month NYMEX Natural Gas Futures Contracts open at $2.750, a penny above Tuesday’s closing price of $2.738.  Climbing confidently through the day’s opening hour to reach a five-week intraday high of $2.790 by 9:40AM, the inventory-backed surge soon exhausted its resources.  Despite expectations for today’s unseasonal storage withdrawal, weather driven fundamentals directed the contract lower into the afternoon to mark the intraday low of $2.739 ahead of 2:30PM.  May closed nearly unchanged on Wednesday at $2.739.

The EIA Natural Gas Storage Report is due out at 10:30AM today.  The report is expected to show a 26 BCF withdrawal from storage for the week ended April 13th.  This compares to a 54 BCF injection at this time last year and a five-year average injection amount of 38 BCF.

This morning in Globex, WTI Crude was up 88 cents; Natural Gas was down three cents; Heating Oil was up three cents; and, Gasoline was up two cents.  

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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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