Natural Gas Market Update: Price Movements Today

Thursday, May 1^st saw the front-month NYMEX Natural Gas contract open at $3.377, $0.051 cents above Wednesday’s closing price of $3.326. Recording the intraday low of $3.345 at 9:50AM, prices then rose to trade along $3.420 at 10:30AM. Awaiting the delayed storage report, the contract traded sideways until publication hit the wire at 2:00PM. Jumping to a two-week intraday high of $3.540 following the bullish report, June closed higher on Thursday at $3.479.

The EIA Natural Gas Storage Report published on Thursday posted a 107 BCF injection to storage for the week ended April 25 – below the market estimate of a 116 BCF injection. Total working gas in storage was reported as 2,041 BCF; 17.6% below this time last year and 0.2% below the five-year average.

As of 7:00AM this morning in Globex, WTI Crude was down $0.280; Natural Gas was up $0.002; Heating Oil was down $0.006; and Gasoline was down $0.015.

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