May NYMEX Natural Gas Futures Contract Closed at $1.686 on Thursday, April 16th

Thursday, April 16th saw the front-month NYMEX Natural Gas Futures Contract open at $1.594, just below Wednesday’s closing price of $1.598.  Shedding a few cents out of the gate, prices fluctuated along either side of $1.570 heading into 10:30AM.  Falling to an intraday low of $1.555 as the bearish storage report hit the wire, the contract proceeded to ascend defiantly through midday.  Trading along $1.590 through 12:30PM, the contract surged higher to close out the day.  Tallying an intraday high of $1.693 ahead of 2:30PM, May closed higher on Thursday at $1.686.

The EIA Natural Gas Storage Report published on Thursday showed a 73 BCF injection to storage for the week ended April 10th – above the market estimate of 60 BCF. Total working gas in storage was reported as 2,097 BCF: 71.7% above this time last year and 21.4% above the five-year average.

As of 8:00AM EST this morning in Globex, WTI Crude was down $1.40; Natural Gas was up four cents; Heating Oil was up two cents; and Gasoline was up two cents.

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