May NYMEX Natural Gas Futures Contract Closed at $2.186 on Tuesday, April 11th

Market Insights
Natural Gas
April 12, 2023
Tuesday, April 11th saw the front-month NYMEX Natural Gas Futures Contract open at $2.214, four cents above Monday’s closing price of $2.172. Losing ground in the day’s opening hour to find the intraday low of $2.126 shortly after 10:00AM, buyers then moved in as the intraday high of $2.225 was realized ninety minutes later. Supported by traders squaring their positions following the previous session’s rally, prices traded near $2.175 into the afternoon. May closed higher on Tuesday at $2.186.

The EIA Natural Gas Storage Report is due out on Thursday at 10:30AM. The report is expected to show a 31 BCF injection to storage for the week ended April 7. This compares to a 15 BCF injection at this time last year and a five-year average injection amount of 28 BCF.

As of 6:40AM EST this morning in Globex, WTI Crude was up seven cents; Natural Gas was up two cents; Heating Oil was up slightly; and Gasoline was down four cents.
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