April 20, 2023
Wednesday, April 19
th saw the front-month NYMEX Natural Gas Futures Contract open at $2.282, eight cents below Tuesday’s closing price of $2.366. Recording the intraday high as markets opened for the day, prices slid through the initial ninety minutes to mark the intraday low of $2.198 at 10:30AM. Floating along the $2.300 level for the balance of the day, traders are seemingly awaiting further support behind the forecast for below-average temperatures for the coming weeks. May closed lower on Wednesday at $2.222.
The EIA Natural Gas Storage Report is due out on Thursday at 10:30AM. The report is expected to show a 65 BCF injection to storage for the week ended April 14. This compares to a 53 BCF injection at this time last year and a five-year average injection amount of 41 BCF.
As of 5:30AM EST this morning in Globex, WTI Crude was down $1.43; Natural Gas was up one cent; Heating Oil was down four cents; and Gasoline was down three cents.
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