May 12, 2020
Monday, May 11
th saw the front-month NYMEX Natural Gas Futures Contract open at $1.851, three cents above Friday’s closing price of $1.823. Ascending to an intraday high of $1.890 by 9:40AM, prices soon cascaded lower to cross $1.830 at midday and falling to an intraday low of $1.803 by 2:20PM. Despite the number of active oil and gas rigs falling to an all-time low this week, the contract is now down roughly 15% from last week’s high of $2.162 as COVID-19 related demand-loss concerns persist. The June contract closed nearly flat on Monday at $1.826.
As of 7:40AM EST this morning in Globex, WTI Crude was up $1.30; Natural Gas was unchanged; Heating Oil was up one cent; and Gasoline was up one cent.
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