April 24, 2024
Tuesday, April 23
rd saw the front-month NYMEX Natural Gas Futures Contract open at $1.759, three cents below Monday’s closing price of $1.791. Recording the intraday low of $1.745 within minutes of the opening bell, prices then trended higher as traders weighed the ongoing storage glut against waning production and steady LNG exports. Trading sideways near $1.785 through midday, the contract posted a last-minute rally to achieve the intraday high of $1.816 ahead of 2:30PM. May closed higher on Tuesday at $1.812.
The EIA Natural Gas Storage Report is due out on Thursday at 10:30AM. The report is expected to show an 88 BCF injection to storage for the week ended April 19
th. This compares to a 79 BCF injection this time last year and a five-year average injection amount of 59 BCF.
As of 6:25AM EST this morning in Globex, WTI Crude was down 29 cents; Natural Gas was flat; Heating Oil was down two cents; and Gasoline was flat.
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