The EIA reported a net injection of 25 Bcf into US natural gas storage inventory for the week ended 4/5/19. The build was smaller than expectations which were around 33 Bcf. The current inventory level is 1,155 Bcf, 183 Bcf less than last year at this time, and 485 Bcf below the 5 year average. The May 2019 NYMEX natural gas futures contract opened at $2.702/dth and traded between $2.710 and $2.652. It settled at $2.664/dth, down 3.6 cents. The May 2019 crude oil contract fell $1.03 and ended the day at $63.58/barrel. Above normal temperatures are forecast for the east coast during the 10 day range. A mass of colder than normal temperatures are expected to blanket the western two-thirds of the country during the 5 day range.
Any market recommendations conveyed by NFR represent the opinions of the authors. Such opinions are subject to change without notice. The information provided is taken from sources we believe to be reliable, but it is not guaranteed by us as to the accuracy or completeness thereof and is sent to you for information purposes only. Taking commodity price positions involves risk and should be considered carefully.