April 29, 2022
Thursday, April 28
th saw the June NYMEX Natural Gas Futures Contract open at $7.211, thirteen cents below Wednesday’s closing price of $7.339. Marking the intraday high of $7.212 just after the opening bell, prices moved decidedly lower to trade near $7.050 ahead of the weekly storage publication. Jumping to $7.189 as the report hit the wire, the contract sought direction within a 21-cent range in the following hours as some European countries have come around to meeting Russia’s ruble-based gas supply requirements; in effect reducing the call for future U.S. LNG. Finishing the day on a down beat to mark an intraday low of $6.879 ahead of 2:30PM, June closed lower on Thursday at $6.888.
The EIA Natural Gas Storage Report published on Thursday showed a 40 BCF injection to storage for the week ended April 22 – in line with the market estimate of a 36 BCF injection. Total working gas in storage was reported as 1,490 BCF; 21.4% below this time last year and 17.0% below the five-year average.
As of 6:35AM EST this morning in Globex, WTI Crude was up 84 cents; Natural Gas was down one cent; Heating Oil was up five cents; and Gasoline was down two cents.
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