April 11, 2022
Friday, April 8
th saw the May NYMEX Natural Gas Futures Contract open at of $6.444, eight cents above Thursday’s closing price of $6.359. Tallying the intraday high of $6.460 by 9:45AM, prices then moved decidedly lower as LNG exports remain elevated, and the Northeast braced for a cold snap over the weekend. Marking the intraday low of $6.257 at 10:45AM, the contract fluctuated within a five-cent range of $6.631 for the balance of the day. May closed lower on Friday at $6.278; up nearly 10% on the week.
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.
As of 7:25AM EST this morning in Globex, WTI Crude was down $4.40; Natural Gas was up six cents; Heating Oil was down six cents; and Gasoline was down 11 cents.
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