May NYMEX Natural Gas Futures Contract Closed at $1.598 on Wednesday, April 15th

Wednesday, April 15th saw the front-month NYMEX Natural Gas Futures Contract open at $1.648, just below Tuesday’s closing price of $1.650.  Ascending to an intraday high of $1.666 within minutes of the opening bell, the contract soon trended lower.  Reaching a two-week intraday low of $1.595 at 10:20AM mild temperatures, healthy storage reserves, and the economic slowdown due to COVID-19 continue to provide bearish pressure.  Rallying to $1.645 ahead of 12:30PM, prices fell once again to test the multi-week intraday low as May closed lower on Wednesday at $1.598.

The EIA Natural Gas Storage Report is due out at 10:30AM today. The report is expected to show a 60 BCF injection to storage for the week ended April 10th. This compares to a 92 BCF injection at this time last year and a five-year average injection amount of 27 BCF.

As of 7:30AM EST this morning in Globex, WTI Crude was up 17 cents; Natural Gas was up one cent; Heating Oil was up three cents; and Gasoline was up three cents.

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