Wednesday, April 27th – settlement day for the May contract – saw the front-month NYMEX Natural Gas Futures Contract open at $6.918, seven cents above Tuesday’s closing price of $6.850. Posting limited activity, May settled higher on Wednesday at $7.267.
The more actively traded June contract opened at $7.071, nine cents above Tuesday’s closing price of $6.978. Ascending from the intraday low of $7.068 just after the opening bell, the contract continued the previous session’s rally as Russia cut off gas supply to both Bulgaria and Poland. Reaching $7.415 by 11:00AM and an intraday high of $7.524 at 2:15PM, June closed higher on Wednesday at $7.339.
The EIA Natural Gas Storage Report is due out on Thursday at 10:30AM. The report is expected to show a 35 BCF injection to storage for the week ended April 22. This compares to a 15 BCF injection at this time last year and a five-year average injection amount of 53 BCF.
As of 6:30AM EST this morning in Globex, WTI Crude was up 37 cents; Natural Gas was down 10 cents; Heating Oil was up three cents; and Gasoline was down one cent.
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