May NYMEX Natural Gas Futures Contract Closed at $1.621 on Friday, April 3rd

Friday, April 3rd saw the front-month NYMEX Natural Gas Futures Contract open at $1.550, nearly even to Thursday’s closing price of $1.552.  Recording an intraday low of $1.534 soon after 9:00AM, prices soon found upward momentum.  Possible fueled by short covering, or mimicking the rise in oil markets as rig counts decline, the contract crossed midday at $1.578 and continued higher into the afternoon.  Tallying an intraday high of $1.627 at 2:20PM, May closed higher on Friday at $1.621, down 3% on the week.

As of 7:40AM EST this morning in Globex, WTI Crude was down 55 cents; Natural Gas was up five cents; Heating Oil was unchanged; and Gasoline was down one cent.

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