May NYMEX Natural Gas Futures Contract Closed at $2.514 on Thursday, April 26th

Thursday, April 25th saw the front-month NYMEX Natural Gas Futures Contracts open at $2.473, a penny above Wednesday’s closing price of $2.462.  Slipping to the intraday low of $2.439 at 9:40AM, prices recovered to $2.455 ahead of the 10:30AM storage publication.  Jumping a few cents higher as the storage report’s injection fell in line with market expectations, the contract moved steadily higher into the afternoon, crossing midday near $2.500.  Using this momentum to balance the previously oversold market, May rose to the intraday high $2.520 at 1:40PM before closing higher on Thursday at $2.514.

The EIA Natural Gas Storage Report published on Thursday showed a 92 BCF injection to storage for the week ended April 19th – nearly even to the market estimate of 90 BCF.  Total working gas in storage was reported as 1,339 BCF; 4.3% above this time last year and 21.6% below the five-year average.

As of 8:40AM EST this morning in Globex, WTI Crude was down $1.27; Natural Gas was unchanged; Heating Oil was down five cents; and Gasoline was down four cents. 

New York basis values were unchanged for all seasons, whereas New England basis values were lower for the coming summer months and higher for the following winter season.  Additionally, cash prices were mixed in New York and lower in New England.
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