April 6, 2023
Wednesday, April 5
th saw the front-month NYMEX Natural Gas Futures Contract open at $2.150, four cents above Tuesday’s closing price of $2.106. Achieving the intraday high of $2.197 ahead of 9:15AM, prices then dwindled lower as fundamentals remained unchanged, and traders kept an eye on pipeline maintenance. Trading near $2.150 by midday, the contract slipped to the intraday low of $2.110 at 1:50PM. May closed higher on Wednesday at $2.155.
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 7:15AM EST this morning in Globex, WTI Crude was down nine cents; Natural Gas was up one cent; Heating Oil was down one cent; and Gasoline was unchanged.
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