May NYMEX Natural Gas Futures Contract Closed at $1.770 on Friday, April 12th

Market Insights
Natural Gas
April 15, 2024
Friday, April 12th saw the front-month NYMEX Natural Gas Futures Contract open at $1.742, two cents below Thursday’s closing price of $1.764. Recording the intraday low of $1.731 within minutes of the opening bell, traders assessed market fundamentals as storage remains oversupplied, LNG exports are neutral, and weather conditions are uninspiring. Ascending to trade along $1.760 by 10:00AM, the contract moved sideways throughout the session, managing to tally an intraday high of $1.778 at 11:30AM. May closed marginally higher on Friday at $1.770.

The EIA Natural Gas Storage Report published last 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 7:15AM EST this morning in Globex, WTI Crude was down 70 cents; Natural Gas was up slightly; Heating Oil was down two cents; and Gasoline was down two cents.
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