April 5, 2023
Tuesday, April 4
th saw the front-month NYMEX Natural Gas Futures Contract open at $2.129, three cents above Monday’s closing price of $2.097. Tallying the intraday high of $2.135 within minutes of the open, supported by an expected drop in production due to pipeline maintenance, prices then trended lower. Skidding along the $2.080 level for the balance of the session, marking an intraday low of $2.076 at 11:30AM, May posted a last-minute ascent to close higher on Tuesday at $2.106.
The EIA Natural Gas Storage Report is due out on Thursday at 10:30AM. The report is expected to show a 22 BCF withdrawal from storage for the week ended March 31. This compares to a 33 BCF withdrawal at this time last year and a five-year average withdrawal amount of 0 BCF.
As of 7:30AM EST this morning in Globex, WTI Crude was down five cents; Natural Gas was up one cent; Heating Oil was down slightly; and Gasoline was up one cent.
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