May NYMEX Natural Gas Futures Contract Closed at $2.456 on Tuesday, April 6th

Market Insights
Natural Gas
April 7, 2021
Tuesday, April 6th saw the front-month NYMEX Natural Gas Futures Contract open at $2.538, three cents above Monday’s closing price of $2.511.  Achieving an intraday high of $2.557 within minutes of the opening bell, prices were soon directed lower by overwhelming bearish sentiment.  With demand waning and temperatures on the rise for much of the U.S.,  the contract posted a choppy descent throughout the day, crossing midday near $2.520 and recording a three-week intraday low of $2.453 at 2:20PM.  May closed lower on Tuesday at $2.456.

The EIA Natural Gas Storage Report is due out on Thursday at 10:30AM. The report is expected to show a 21 BCF injection to storage for the week ended April 2nd.  This compares to a 38 BCF injection at this time last year and a five-year average injection amount of 8 BCF.

As of 5:50AM EST this morning in Globex, WTI Crude was down 19 cents; Natural Gas was up two cents; Heating Oil was down one cent; and Gasoline was down one cent.

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