Natural Gas Price Movements and Market Insights

Wednesday, April 29^thsaw the front-month NYMEX Natural Gas contract open at $2.634, $0.057 below Tuesday’s $2.691. Posting a quick dip to the intraday low of $2.615 within minutes of the open, the market then rebounded to reach an intraday high of $2.673 at 9:45AM. Trading within a tight band near $2.650 through midday, bearish fundamentals then lead prices lower. June closed lower on Wednesday at $2.647.

The EIA Natural Gas Storage Report is due out Thursday at 10:30AM. The report is expected to show a 78 BCF injection to storage for the week ended April 24. This compares to a 107 BCF injection this time last year and a five-year average injection amount of 63 BCF.

As of 9:20AM this morning in Globex, WTI Crude was down $2.420; Natural Gas was down $0.010; Heating Oil was down $0.080; and Gasoline was up $0.047.

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

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