April 7, 2022
Wednesday, April 6
th saw the May NYMEX Natural Gas Futures Contract open at of $6.375, thirty-four cents above Tuesday’s closing price of $6.032. Marking an intraday high of $6.379 soon after the opening bell, the early pre-session rally is being attributed to incoming short-term below average temperatures and the ongoing crisis in Ukraine. Stepping lower through the morning and crossing midday near $6.215, the late afternoon posted additional selling as prices slipped to an intraday low of $6.015 ahead of 2:30PM. May closed nearly flat on Wednesday at $6.029.
The EIA Natural Gas Storage Report is due out on Thursday at 10:30AM. The report is expected to show a 13 BCF injection to storage for the week ended April 1. This compares to a 20 BCF injection at this time last year and a five-year average injection amount of 8 BCF.
As of 7:15AM EST this morning in Globex, WTI Crude was up $1.37; Natural Gas was up 12 cents; Heating Oil was up one cent; and Gasoline up four cents.
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