Daily Market Update April 26, 2018

Early Morning Update

The May18 natural gas contract is flat at $2.78. The Jun18 crude contract is up $0.39 at $68.44.

Summary

Another quiet day on the NYMEX as prices for the prompt month contract  finished up only $.005 to close at $2.786. 

Long-term prices for NG also saw nearly no movement.  With few changes to the near-term fundamentals, the market seems disinclined to make any drastic moves, perhaps waiting until we have a better idea of summertime demand.  Weather forecasts have moderated significantly since earlier in the month and temperatures for most of the east coast look to be mild for the next few weeks.

Today the EIA will release its weekly NG storage report.  Estimates for the report call for a small draw from storage, ranging from –4 to –11.  This should (hopefully) be the last draw of the season as spring seems to have finally arrived.

Market Update 042618