May NYMEX Natural Gas Futures Contract Closed at $1.764 on Thursday, April 11th

Market Insights
Natural Gas
April 12, 2024
Thursday, April 11th saw the front-month NYMEX Natural Gas Futures Contract open at $1.825, six cents below Wednesday’s closing price of 1.885. Achieving the intraday high of $1.843 ahead of 9:10AM, the contract then continued its pre-session decline to stabilize near $1.815 ahead of the weekly storage report. Withdrawing further following the bearish storage report, prices fell to an intraday low of $1.754 at 2:25PM. May closed lower on Thursday at $1.764.

The EIA Natural Gas Storage Report published on Thursday showed a 24 BCF withdrawal from storage for the week ended April 5 – above the market estimate 15 BCF. Total working gas in storage was reported as 2,283 BCF; 23.5% above this time last year and 38.4% above the five-year average.

As of 7:30AM EST this morning in Globex, WTI Crude was up $1.13; Natural Gas was up one cent; Heating Oil was up five cents; and Gasoline was up four cents.
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