April 4, 2022
Friday, April 1
st saw the May NYMEX Natural Gas Futures Contract open at of $5.562, nearly even to Thursday’s closing price of $5.642. Ascending from the intraday low of $5.538 early on, the contract soared higher throughout the morning to cross the $5.70 level by 10:30AM and reach $5.761 an hour later. Despite seasonal temperatures, the ongoing conflict in Ukraine and European supply issues continue to provide support. Reaching an intraday high of $5.778 at 1:30PM, May closed higher on Friday at $5.720; up nearly 3% on the week.
The EIA Natural Gas Storage Report published on Thursday showed a 26 BCF injection to storage for the week ended March 25 – largely in line the market estimate of 15 BCF. Total working gas in storage was reported as 1,415 BCF; 19.7% below this time last year and 14.7% below the five-year average.
As of 7:00AM EST this morning in Globex, WTI Crude was up eight cents; Natural Gas was down four cents; Heating Oil was up eight cents; and Gasoline unchanged.
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