May NYMEX Natural Gas Futures Contract Closed at $2.664 on Thursday, April 11th

Thursday, April 11th saw the front-month NYMEX Natural Gas Futures Contracts open at $2.676, roughly two cents below Wednesday’s closing price of $2.700.  Climbing steadily through the morning, the contract tallied the intraday high of $2.707 at 10:30AM as the storage report was released.  Stepping lower an hour later, prices reached an intraday low of $2.652 by 1:30PM.  Following a choppy day of trading, May finished lower on Thursday at $2.664.

The EIA Natural Gas Storage Report published on Thursday showed a 25 BCF injection to storage for the week ended April 5th – below the market estimate of 30 BCF.  This injection also accounts for a reclassification of 4 BCF from working gas to base gas.  Total working gas in storage was reported as 1,155 BCF; 13.7% below this time last year and 29.6% below the five-year average.

As of 8:45AM EST this morning in Globex, WTI Crude was up 90 cents; Natural Gas was up one cent; Heating Oil was up two cents; and Gasoline was up one cent.  

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