April 8, 2022
Thursday, April 7
th saw the May NYMEX Natural Gas Futures Contract open at of $6.101, seven cents above Wednesday’s closing price of $6.029. Experiencing volatility early on, prices narrowed their gaze and stabilized near $6.035 ahead of the weekly storage report. Spiking to $6.205 as the bullish report hit the wire, a brief bout of sideways trading led into midday. May closed higher on Thursday at $6.359.
The EIA Natural Gas Storage Report published on Thursday showed a 33 BCF withdrawal from storage for the week ended April 1 – below the market estimate of a 9 BCF injection. Total working gas in storage was reported as 1,382 BCF; 22.4% below this time last year and 17.1% below the five-year average.
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