Natural Gas News – May 3, 2018

Natural Gas News – May 3, 2018

NYMEX June Natural Gas Futures Up 1.2 Cents at $2.766/MMBtu, Awaits US Storage Data

Platts reported: NYMEX June natural gas futures drifted in overnight US trading ahead of the release of the latest storage data due at 10:30 am EDT (1430 GMT). At 7:25 am EDT the contract was 1.2 cents higher at $2.766/MMBtu after trading a $2.751-$2.773/MMBtu range. Faced with a significantly depleted inventories after a withdrawal season that extended three weeks into what is usually the injection season, the market is expecting the first injection in the Energy Information Administration report for the week ending April 27. The data is expected to show a 49-Bcf injection, according to a survey of analysts by S&P Global Platts. The range of responses to the survey was for a build of 45-57 Bcf. The 18-Bcf pull reported for the previous week took US gas stocks to 1.281 Tcf, or 897 Bcf below a year earlier and 527 Bcf below the five-year average. For more on this story visit platts.com or click https://bit.ly/2FEIJFf

Spring Scorcher Has U.S. Northeast Burning Most Gas in 4 Years

Bloomberg reported: Blistering heat in the middle of spring is poised to volley power plants’ demand for natural gas in the U.S. Northeast to the highest in at least four years. Temperatures in New York City’s Central Park reached 90 degrees Fahrenheit (32 Celsius) on Wednesday, tying a record set in 2001, and they could hit that mark again Thursday, according to the National Weather Service. As the hot spell persists, generators stretching from Maine to Virginia and Ohio may burn 7.38 billion cubic feet of gas on Thursday, up 28 percent from a week earlier, based on Bloomberg New Energy Finance projections. projections. Gas prices have been stuck in a narrow range for weeks as traders weigh a growing stockpile shortfall against record production. Inventories of the fuel are 29 percent below average after an unusually cold April, and a blazing summer could limit the amount of gas added to underground storage over the next few months. For more on this story visit bloomberg.com or click https://bloom.bg/2rhwc5H

Market Condition Report - Disclaimer
The information contained herein is derived from sources believed to be reliable; however, this information is not guaranteed as to its accuracy or completeness. Furthermore, no responsibility is assumed for use of this material and no express or implied warranties or guarantees are made. This material and any view or comment expressed herein are provided for informational purposes only and should not be construed in any way as an inducement or recommendation to buy or sell products, commodity futures or options contracts.

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