Wednesday, April 15th saw the front-month NYMEX Natural Gas Futures Contract open at $1.648, just below Tuesday’s closing price of $1.650. Ascending to an intraday high of $1.666 within minutes of the opening bell, the contract soon trended lower. Reaching a two-week intraday low of $1.595 at 10:20AM mild temperatures, healthy storage reserves, and the economic slowdown due to COVID-19 continue to provide bearish pressure. Rallying to $1.645 ahead of 12:30PM, prices fell once again to test the multi-week intraday low as May closed lower on Wednesday at $1.598.
The EIA Natural Gas Storage Report is due out at 10:30AM today. The report is expected to show a 60 BCF injection to storage for the week ended April 10th. This compares to a 92 BCF injection at this time last year and a five-year average injection amount of 27 BCF.
As of 7:30AM EST this morning in Globex, WTI Crude was up 17 cents; Natural Gas was up one cent; Heating Oil was up three cents; and Gasoline was up three 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.