April 11, 2023
Monday, April 10
th saw the front-month NYMEX Natural Gas Futures Contract open at $2.131, twelve cents above Thursday’s closing price of $2.011. Markets were closed on Friday April 7
th in Observance of Good Friday. Ascending to $2.189 by 9:15AM, a shift in short-term forecasts provided bulls with a chance to jump away from the $2.00 level. Prices hovered near $2.160 for the majority of the day until posting a late ascent. Reaching the intraday high of $2.223 at 1:55PM, May closed higher on Monday at $2.172.
The EIA Natural Gas Storage Report published on Thursday showed a 23 BCF withdrawal from storage for the week ended March 31 – in line with the market estimate of 22 BCF. Total working gas in storage was reported as 1,830 BCF; 31.9% above this time last year and 19.5% above the five-year average.
As of 6:55AM EST this morning in Globex, WTI Crude was down 17 cents; Natural Gas was up one cent; Heating Oil was down four cents; and Gasoline was down one cent.
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