Thursday, April 30th saw the front-month NYMEX Natural Gas contract open at $2.664, $0.017 above Wednesday’s $2.647. Slipping to intraday low of $2.623 by 9:15AM, the contract posted a recovery to along $2.670 ahead of the weekly EIA publication. A brief jump to $2.704 then saw the market pause before rallying into the afternoon. Ascending to an intraday high of $2.794 at 12:45PM, seasonal pipeline maintenance and cool seasonal temperatures provided support. June closed higher on Thursday at $2.767.
The EIA Natural Gas Storage Report published last Thursday posted a 79 BCF injection to storage for the week ended April 24 – in line with the market estimate of 78 BCF. Working gas in storage was reported as 2,142 BCF; 5.7% above this time last year and 7.7% above the five-year average.
As of 6:40AM this morning in Globex, WTI Crude was up $0.490; Natural Gas was up $0.036; Heating Oil was up $0.026; and Gasoline was up $0.042.
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
