May NYMEX Natural Gas Futures Contract Closed at $6.278 on Friday, April 8th

Friday, April 8th saw the May NYMEX Natural Gas Futures Contract open at of $6.444, eight cents above Thursday’s closing price of $6.359. Tallying the intraday high of $6.460 by 9:45AM, prices then moved decidedly lower as LNG exports remain elevated, and the Northeast braced for a cold snap over the weekend. Marking the intraday low of $6.257 at 10:45AM, the contract fluctuated within a five-cent range of $6.631 for the balance of the day. May closed lower on Friday at $6.278; up nearly 10% on the week.

The EIA Natural Gas Storage Report published on Thursday showed a 33 BCF withdrawal from storage for the week ended April 1 – below the market estimate of a 9 BCF injection. Total working gas in storage was reported as 1,382 BCF; 22.4% below this time last year and 17.1% below the five-year average.

As of 7:25AM EST this morning in Globex, WTI Crude was down $4.40; Natural Gas was up six cents; Heating Oil was down six cents; and Gasoline was down 11 cents.
 
Natural Gas Glossary
Natural Gas Supplier
                                                                                                 
For access to Sprague’s full Natural Gas Market Watch Report including commentary not posted here, please send your request to natgas@spragueenergy.com or call 1-855-466-2842.
 

Share:
RSS
Follow by Email
Facebook
X (Twitter)

This market update is provided for information purposes only and is not intended as advice on any transaction nor is it a solicitation to buy or sell commodities. Sprague makes no representations or warranties with respect to the contents of such news, including, without limitation, its accuracy and completeness, and Sprague shall not be responsible for the consequence of reliance upon any opinions, statements, projections and analyses presented herein or for any omission or error in fact. The views expressed in this material are through the period as of the date of this report and are subject to change based on market and other conditions. This document contains certain statements that may be deemed forward-looking statements. Please note that any such statements are not guarantees of any future performance or results and actual results or developments may differ materially from those projected. The whole or any part of this work may not be reproduced, copied, or transmitted or any of its contents disclosed to third parties without Sprague’s express written consent.