May NYMEX Natural Gas Futures Contract Closed at $1.731 on Monday, April 6th

Monday, April 6th saw the front-month NYMEX Natural Gas Futures Contract open at $1.666, four cents above Friday’s closing price of $1.621.  Continuing Friday’s momentum, prices surged early on to reach $1.710 by 10:00AM and rose to $1.734 ninety minutes later.  With many theories floating around regarding this rally, analysts are pointing to the contract being oversold and short covering.  Peaking at an intraday high of $1.740 at 2:10PM, May closed higher on Monday at $1.731.

As of 7:40AM EST this morning in Globex, WTI Crude was up 63 cents; Natural Gas was up six cents; Heating Oil was up two cents; and Gasoline was up three cents.

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