Natural Gas: Analyzing Recent Price Movements

Monday, May 4th saw the front-month NYMEX Natural Gas contract open at $2.804, $0.024 above Friday’s $2.780. Directed higher early amid renewed geopolitical tensions with Iran, prices climbed to $2.870 by 9:45AM. Maintaining a cautious ascent through midday, the contract marked an intraday high of $2.883 at 12:55PM. June closed higher on Monday at $2.867.

The EIA Natural Gas Storage Report published last Thursday posted a 79 BCF injection to storage for the week ended April 24 – in line with the market estimate of 78 BCF. Working gas in storage was reported as 2,142 BCF; 5.7% above this time last year and 7.7% above the five-year average.

As of 6:40AM this morning in Globex, WTI Crude was down $2.490; Natural Gas was down $0.037; Heating Oil was down $0.046; and Gasoline was down $0.060.

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