Natural Gas Contract Analysis: Key Figures Revealed

Friday, April 10th saw the front-month NYMEX Natural Gas contract open at $2.671, $0.001 above Thursday’s closing price $2.670. Seeking direction for the majority of the session, the contract undulated along the $2.660 mark into the early afternoon. Marking the intraday high of $2.686 at 10:45AM, and intraday low of $2.635 at 2:20PM, May closed lower on Friday at $2.648.

The EIA Natural Gas Storage Report published last Thursday posted a 50 BCF injection to storage for the week ended April 3 – above with the market estimate of a 44 BCF injection. Please note there was a revision of -4 BCF to the previous week’s report. Total working gas in storage was reported as 1,911 BCF; 4.9% above this time last year and 4.8% above the five-year average.

As of 7:40AM this morning in Globex, WTI Crude was up $7.470; Natural Gas was up $0.069; Heating Oil was up $0.298; and Gasoline was up $0.116.

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