May NYMEX Natural Gas Futures Contract Closed at $2.639 on Thursday, April 1st

Thursday, April 1st saw the front-month NYMEX Natural Gas Futures Contract open at $2.594, a penny below Wednesday’s closing price of $2.608.  Tallying an intraday low of $2.593 soon after the opening belling, prices rose to the $2.630 level ahead of the weekly storage publication.  Jumping to an intraday high of $2.663 as the weekly report hit the wire, the contract ultimately stabilized near $2.645 throughout the afternoon.  May closed higher on Thursday at $2.639.

The EIA Natural Gas Storage Report published on Thursday showed a 14 BCF injection to storage for the week ended March 26th – below the market estimate of 18 BCF. Please note there was a revision from the prior week’s report making the implied net change for the prior week -32 BCF, instead of -36 BCF.  Total working gas in storage was reported as 1,764 BCF; 11.3% below this time last year and 2.0% below the five-year average.

As of 7:00AM EST this morning in Globex, WTI Crude was up $2.29; Natural Gas was up three cents; Heating Oil was up six cents; and Gasoline was up six cents.

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