S&P 500 — US Large Cap Index
FTSE 100 — UK Blue Chips
Euro Stoxx 50 — Eurozone Leaders
DAX 40 — German Equities
CAC 40 — French Market Index
Nikkei 225 — Japan Benchmark
Hang Seng — Hong Kong Index
Shanghai Composite — China Mainland
ASX 200 — Australian Market
TSX Composite — Canada Index
Nifty 50 — India Large Cap
STI Index — Singapore Market
KOSPI — South Korea Index
Bovespa — Brazil Equities
JSE Top 40 — South Africa Index
IPC Index — Mexico Market
US natural gas futures rose to $2.81 per MMBtu amid a continued drop in output. Production in the Lower 48 states has been trending lower, as major producers such as EQT curtailed output due to weak spot prices. In addition, the EIA reported a 63 bcf injection for the week ended May 1, below forecasts of 74 bcf and also lower than both last year’s 104 bcf increase and the five-year average of 77 bcf. While earlier mild spring weather supported stronger-than-usual storage injections, the recent decline in production, combined with near-normal weather and firming demand, has likely narrowed the inventory surplus to around 6% above seasonal norms for the week ended May 7, down from 7% the previous week. Forecasts point to mostly near-normal temperatures through May 23, with cooling demand gradually overtaking the late-season heating demand. Meanwhile, flows to major gas export terminals have eased from April’s record highs due to seasonal maintenance.
