May NYMEX Natural Gas Futures Contract Closed at $2.462 on Wednesday, April 24th

Wednesday, April 24th saw the front-month NYMEX Natural Gas Futures Contracts open at $2.473, two cents above Tuesday’s closing price of $2.455.  Ascending to the intraday high of $2.485 by 9:20AM, the contract soon trended lower.  With no change in market fundamentals, prices fell throughout the morning until reaching the intraday low of $2.455 at 12:30PM.  The May contract closed at $2.462 on Wednesday.

The EIA Natural Gas Storage Report is due out at 10:30AM today.  The report is expected to show a 90 BCF injection to storage for the week ended April 19th.  This compares to an 18 BCF withdrawal at this time last year and a five-year average injection amount of 47 BCF.

As of 8:50AM EST this morning in Globex, WTI Crude was down 18 cents; Natural Gas was up one cent; Heating Oil was up one cent; and Gasoline was up two cents. 
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