Natural Gas Weekly Storage Report Expectations

Wednesday, April 30^th saw the front-month NYMEX Natural Gas contract open at $3.346, $0.040 cents below Tuesday’s closing price of 3.386. Knocked down overnight by expectations of a bearish storage injection, prices fell to the intraday low of $3.262 at 10:50AM. Ascending to the intraday high of $3.369 at 11:50AM, the contract traded sideways near $3.320 through the afternoon hours. June closed lower on Wednesday at $3.326.

The EIA Natural Gas Storage Report is due out Thursday at 10:30AM. The report is expected to show a 116 BCF injection to storage for the week ended April 25. This compares to a 59 BCF injection this time last year and a five-year average injection amount of 58 BCF.

As of 6:45AM this morning in Globex, WTI Crude was down $1.740; Natural Gas was up $0.098; Heating Oil was down $0.036; and Gasoline was down $0.032.

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