April 8, 2024
Friday, April 5th saw the front-month NYMEX Natural Gas Futures Contract open at $1.765, a penny below Thursday’s closing price of $1.774. Slipping to the intraday low of $1.763 soon after the opening bell, reports of continued production cuts then pushed prices higher throughout the day. Ascending to cross midday at $1.806, the contract rose to tally an intraday high of $1.823 at 1:25PM. May closed higher on Friday at $1.785.
The EIA Natural Gas Storage Report published last Thursday showed a 37 BCF withdrawal from storage for the week ended March 29 – in line with the market estimate 41 BCF. Total working gas in storage was reported as 2,259 BCF; 23.0% above this time last year and 38.9% above the five-year average.
As of 7:10AM EST this morning in Globex, WTI Crude was down 71 cents; Natural Gas was down one cent; Heating Oil was down three cents; and Gasoline was down two cents.
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