Natural Gas Trends and Intraday Market Movements

Monday, April 6th saw the front-month NYMEX Natural Gas contract open at $2.850, $0.049 above Thursday’s closing price $2.800. Attaining an intraday high of $2.868 ahead of 9:15AM, geopolitical tensions provided support over the weekend as domestic fundamentals leaned bearish. Recording the intraday low of $2.800 at 10:30AM, the contract traded near $2.815 into the afternoon. May closed higher on Monday at $2.811.

The EIA Natural Gas Storage Report published last Thursday posted a 36 BCF injection to storage for the week ended March 27 – in line with the market estimate of a 39 BCF injection. Total working gas in storage was reported as 1,865 BCF; 5.4% above this time last year and 3.0% above the five-year average.

As of 6:15AM this morning in Globex, WTI Crude was up $0.230; Natural Gas was down $0.023; Heating Oil was up $0.126; and Gasoline was down $0.018.

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