May NYMEX Natural Gas Futures Contract Closed at $1.774 on Thursday, April 4th

Market Insights
Natural Gas
April 5, 2024
Thursday, April 4th saw the front-month NYMEX Natural Gas Futures Contract open at $1.837, just below Wednesday’s closing price of $1.841. Marking the intraday high of $1.851 within minutes of the opening bell, the contract traded sideways along $1.835 leading up to the weekly storage report. Trending lower as the report hit the wire, updated forecasts for reduced heating demand in the coming weeks added to the market’s existing bearish sentiment. Tallying the intraday low of $1.769 at 12:20PM, May traded sideways near $1.775 throughout the afternoon, closing lower on Thursday at $1.774.

The EIA Natural Gas Storage Report published last Thursday showed a 37 BCF withdrawal from storage for the week ended March 29 – in line with the market estimate 41 BCF. Total working gas in storage was reported as 2,259 BCF; 23.0% above this time last year and 38.9% above the five-year average.

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