Thursday, April 19th saw the front-month NYMEX Natural Gas Futures Contracts open at $2.716, two cents below Wednesday’s closing price of $2.739. Plunging below $2.690 soon after markets opened, prices fell as low as $2.676 by 10:00AM. Gaining a penny ahead of the weekly inventory report, the contract then shot upward to record an intraday high of $2.736 as the bullish publication hit the wire. Turning its focus to incoming seasonal weather, May trended downward into the afternoon, recording the intraday low of $2.658 minutes before closing lower on Thursday at $2.660.
The EIA Natural Gas Storage Report published on Thursday showed a 36 BCF withdrawal from storage for the week ended April 13th – above the market estimate of 26 BCF. Total working gas in storage was reported as 1,299 BCF; 38.3% below this time last year and 25.7% below the five-year average.
This morning in Globex, WTI Crude was down 44 cents; Natural Gas was up two cents; Heating Oil was down one cent; and, Gasoline was down one cent.
Natural Gas Glossary
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