June NYMEX Natural Gas Futures Contract Closed at $2.589 on Thursday, May 2nd

Thursday, May 2nd saw the front-month NYMEX Natural Gas Futures Contract open at $2.604, nearly two cents below Wednesday’s closing price of $2.620.  Extending to an intraday high of $2.614 as markets opened, prices were quick to retreat and settle in along $2.585 through 10:30AM.  Shedding a few cents as the bearish storage report hit the wire, the contract fell to an intraday low of $2.564 at 10:50AM.  Climbing into the afternoon in a recovery effort, June closed lower on Thursday at $2.589.

The EIA Natural Gas Storage Report published on Thursday showed a 123 BCF injection to storage for the week ended April 26th – above the market estimate of 118 BCF.  Total working gas in storage was reported as 1,462 BCF; 9.6% above this time last year and 17.8% below the five-year average.

As of 8:50 EST this morning in Globex, WTI Crude was up 27 cents; Natural Gas was down one cent; Heating Oil was down slightly; and Gasoline was up one cent. 
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.

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.