April 10, 2020
Thursday, April 9
th saw the front-month NYMEX Natural Gas Futures Contract open at $1.767, nearly two cents below Wednesday’s closing price of $1.783. Ascending through the initial forty minutes of the day to peak above $1.795, prices fell below $1.760 as the weekly storage publication drew near. Surging to an intraday high of $1.798 as the bearish EIA report hit the wire, the contract tumbled downward in the following ninety minutes to cross midday near $1.730. Sinking to an intraday low of $1.721 at 2:20PM, May closed lower on Thursday $1.733.
The EIA Natural Gas Storage Report published on Thursday showed a 38 BCF injection to storage for the week ended April 3
rd – above the market estimate of 28 BCF. Total working gas in storage was reported as 2,024 BCF: 76.3% above this time last year and 19.1% above the five-year average.
As of 7:30AM EST this morning in Globex, WTI Crude was down $2.33; Natural Gas was down five cents; Heating Oil was down four cents; and Gasoline was unchanged.
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