June NYMEX Natural Gas Futures Contract Closed at $1.823 on Friday, May 8th

Friday, May 8th saw the front-month NYMEX Natural Gas Futures Contract open at $1.855, four cents below Thursday’s closing price of $1.894.  Ascending to an intraday high of $1.875 at 10:10AM, the contract proceeded to post a choppy decline for the balance of the session.  Following a four-month high earlier in the week, a reduction in active drilling rigs wasn’t enough to outpace the decline in demand, as was evident with Thursday’s triple-digit storage injection, while much of the country remains shutdown due to the Coronavirus pandemic.  Falling to an intraday low of $1.817 ahead of 2:30PM, June closed lower on Friday at $1.823, down 4% on the week.

As of 7:45AM EST this morning in Globex, WTI Crude was down 76 cents; Natural Gas was up one cent; Heating Oil was down one cent; and Gasoline was down slightly.

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