Natural Gas Trends Amid Domestic Fundamentals

Wednesday, April 15th saw the front-month NYMEX Natural Gas contract open at $2.614, $0.015 above Tuesday’s closing price $2.599. The contract traded within a narrow band near $2.605 throughout the session as bearish domestic fundamentals continue to overshadow geopolitical tensions. Marking an intraday high of $2.628 and an intraday low of $2.584 at 11:50AM, May closed higher on Wednesday at $2.610.

The EIA Natural Gas Storage Report is due out Thursday at 10:30AM. The report is expected to show a 59 BCF injection to storage for the week ended April 10. This compares to a 16 BCF injection this time last year and a five-year average injection amount of 38 BCF.

As of 6:35AM this morning in Globex, WTI Crude was up $1.190; Natural Gas was up $0.005; Heating Oil was up $0.093; and Gasoline was up $0.029.

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