April 22, 2020
Tuesday, April 21
st saw the front-month NYMEX Natural Gas Futures Contract open at $1.914, a penny below Monday’s closing price of $1.924. Climbing to an intraday high of $1.943 soon after the opening bell, the contract withdrew over the following hour to slip below $1.870. Rallying to reclaim the $1.930 ahead of midday, the contract then collapsed and sank lower into the afternoon. Following more than a 10% jump on Monday that was prompted by oil producer shut-ins, overlooking worries about COVID-19, yesterday’s session was a return to fundamentals, as stores of natural gas remain ample. Bottoming out at an intraday low of $1.779 at 2:00PM, May closed lower on Tuesday at $1.821.
As of 8:10AM EST this morning in Globex, WTI Crude was unchanged; Natural Gas was down three cents; Heating Oil was up two cents; and Gasoline was up seven cents.
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