May NYMEX Natural Gas Futures Contract Closed at $1.552 on Thursday, April 2nd

Thursday, April 2nd saw the front-month NYMEX Natural Gas Futures Contract open at $1.578, a penny below Wednesday’s closing price of $1.587.  Ascending to an intraday high of $1.585 within minutes of the opening bell, prices then fell to the $1.55 level and traded sideways through 10:30AM.  Plunging to a fresh multi-decade intraday low of $1.521 as the storage report hit the wire, the contract bounced back to cross midday at $1.570.  The May contract closed lower on Thursday at $1.552.

The EIA Natural Gas Storage Report published on Thursday showed a 19 BCF withdrawal from storage for the week ended March 27th – just below the market estimate of 22 BCF. Total working gas in storage was reported as 1,986 BCF: 76.8% above this time last year and 17.2% above the five-year average.

As of 7:30AM EST this morning in Globex, WTI Crude was up $1.04; Natural Gas was up one cent; Heating Oil was up six cents; and Gasoline was up four cents.

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