May NYMEX Natural Gas Futures Contract Closed at $2.520 on Wednesday, April 7th

Wednesday, April 7th saw the front-month NYMEX Natural Gas Futures Contract open at $2.538, three cents above Monday’s closing price of $2.456.  Tallying an intraday low of $2.470 out of the gate, prices were quick to reverse the previous day’s losses, reaching the $2.530 level by 9:40AM.   Trading along either side of this mark throughout the afternoon, recording an intraday high of $2.546 at 1:50PM, May closed higher on Wednesday at $2.520.

The EIA Natural Gas Storage Report is due out on Thursday at 10:30AM. The report is expected to show a 21 BCF injection to storage for the week ended April 2nd.  This compares to a 38 BCF injection at this time last year and a five-year average injection amount of 8 BCF.

As of 7:50AM EST this morning in Globex, WTI Crude was down 33 cents; Natural Gas was down two cents; Heating Oil was down one cent; and Gasoline was up slightly.
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