May NYMEX Natural Gas Futures Contract Closed at $1.844 on Monday, April 8th

Market Insights
Natural Gas
April 9, 2024
Monday, April 8th saw the front-month NYMEX Natural Gas Futures Contract open at $1.806, two cents above Friday’s closing price of $1.785. Recording the intraday low of $1.797 ahead of 9:45AM, the contract posted a gradual ascent throughout the day as production remains modest and weather forecasts are neutral. Marking the intraday high of $1.850 at 1:45PM, May closed higher on Monday at $1.844.

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 6:20AM EST this morning in Globex, WTI Crude was up 22 cents; Natural Gas was up three cents; Heating Oil was up one cent; and Gasoline was up one cent.
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