Natural Gas Contract Sees Major Intraday Changes

Tuesday, April 14th saw the front-month NYMEX Natural Gas contract open at $2.620, $0.007 below Monday’s closing price $2.627. Reaching an intraday high of $2.660 ahead of 9:15AM, prices trailed lower through the morning as domestic fundamentals took control. Marking a fresh 18-month intraday low of $2.561 at 12:15PM, the contract recovered to trade near $2.590 heading into close. May finished lower on Tuesday at $2.599.

The EIA Natural Gas Storage Report is due out Thursday at 10:30AM. The report is expected to show a 59 BCF injection to storage for the week ended April 10. This compares to a 16 BCF injection this time last year and a five-year average injection amount of 38 BCF.

As of 7:20AM this morning in Globex, WTI Crude was up $1.350; Natural Gas was down $0.003; Heating Oil was up $0.109; and Gasoline was up $0.007.

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