May NYMEX Natural Gas Futures Contract Closed at $2.643 on Thursday, April 4th

Thursday, April 4th saw the front-month NYMEX Natural Gas Futures Contract open at $2.672, nearly even to Wednesday’s closing price of $2.677.  Trading evenly along $2.670 through 10:30AM, marking the intraday high of $2.680 along the way, prices plummeted to the $2.64 level as the bearish storage report was released.  Falling to an intraday low of $2.636 by 11:30AM, the contract found support near this mark for the balance of the session, as May closed lower on Thursday at $2.643.

The EIA Natural Gas Storage Report published on Thursday showed a 23 BCF injection to storage for the week ended March 29th – above the market estimate of 15 BCF.  Total working gas in storage was reported as 1,130 BCF; 16.8% below this time last year and 30.9% below the five-year average.

As of 8:35AM EST this morning in Globex, WTI Crude was up seven cents; Natural Gas was unchanged; Heating Oil was down slightly; and Gasoline was down one cent.  
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