Natural Gas Weekly Overview: Key Market Moves

Thursday, April 16th saw the front-month NYMEX Natural Gas contract open at $2.614, $0.004 above Wednesday’s closing price $2.610. Recording the intraday low of $2.606 within minutes of the opening bell, the contract churned higher leading up to the weekly storage publication. Ascending to the intraday high of $2.664 at 10:55AM, traders shook off the historically bearish injection as weather forecasts turned favorable and prices had roamed into over-sold territory. Trading sideways along $2.640 into the afternoon, May closed higher on Thursday at $2.647.

The EIA Natural Gas Storage Report published on Thursday posted a 59 BCF injection to storage for the week ended April 10 – even with the market estimate of a 59 BCF injection. Total working gas in storage was reported as 1,970 BCF; 6.8% above this time last year and 5.8% above the five-year average.

As of 7:35AM this morning in Globex, WTI Crude was down $3.430; Natural Gas was up $0.040; Heating Oil was down $0.182; and Gasoline was down $0.061.

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