April 7, 2020
Monday, April 6
th saw the front-month NYMEX Natural Gas Futures Contract open at $1.666, four cents above Friday’s closing price of $1.621. Continuing Friday’s momentum, prices surged early on to reach $1.710 by 10:00AM and rose to $1.734 ninety minutes later. With many theories floating around regarding this rally, analysts are pointing to the contract being oversold and short covering. Peaking at an intraday high of $1.740 at 2:10PM, May closed higher on Monday at $1.731.
As of 7:40AM EST this morning in Globex, WTI Crude was up 63 cents; Natural Gas was up six cents; Heating Oil was up two cents; and Gasoline was up three cents.
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