May NYMEX Natural Gas Futures Contract Closed at $1.885 on Wednesday, April 10th

Market Insights
Natural Gas
April 11, 2024
Wednesday, April 10th saw the front-month NYMEX Natural Gas Futures Contract open at $1.914, four cents above Tuesday’s closing price of $1.872. Overnight gains supported by continued maintenance-induced production declines and strong LNG export demand drove the contract to an intraday high of $1.920 at 9:10AM. Trending lower to record the intraday low of $1.867 shortly after 11:00AM, prices hovered near $1.880 throughout the afternoon. May closed higher on Wednesday at $1.885.

The EIA Natural Gas Storage Report is due out on Thursday at 10:30AM. The report is expected to show a 15 BCF injection to storage for the week ended April 4th. This compares to a 25 BCF injection this time last year and a five-year average injection amount of 24 BCF.

As of 7:10AM EST this morning in Globex, WTI Crude was down 39 cents; Natural Gas was down one cent; Heating Oil was down two cents; and Gasoline was up one cent.
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