April 22, 2022
Thursday, April 21
st saw the May NYMEX Natural Gas Futures Contract open at $6.966, three cents above Wednesday’s closing price of $6.937. Following the expected withdrawal over the past few days, prices rose to an intraday high of $7.115 at 9:20AM and proceeded to trade along $6.980 heading into the weekly storage release. Sinking to the intraday low of $6.703 as the weekly publication hit the wire at 10:30AM, the return of seasonal temperatures has given pause to the recent rally as traders assess LNG exports and the persistent storage deficit. Trading largely sideways for the balance of the day, May closed slightly higher on Thursday at $6.957.
The EIA Natural Gas Storage Report published on Thursday showed a 51 BCF injection to storage for the week ended April 15 – in line with the market estimate of a 50 BCF injection. Total working gas in storage was reported as 1,450 BCF; 22.8% below this time last year and 16.8% below the five-year average.
As of 7:00AM EST this morning in Globex, WTI Crude was down $1.57; Natural Gas was up seven cents; Heating Oil was down three cents; and Gasoline was down five cents.
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