May NYMEX Natural Gas Futures Contract Closed at $2.007 on Thursday, April 13th

Market Insights
Natural Gas
April 14, 2023
Thursday, April 13th saw the front-month NYMEX Natural Gas Futures Contract open at $2.081, a penny below Wednesday’s closing price of $2.093. Recording the intraday high of $2.093 as echoes of the opening bell could still be heard, the contract lost ground through the opening hour to skate along the $2.00 level. Getting a much-needed bump to trade near $2.050 following the weekly storage publication, prices withdrew for the balance of the day despite below-average temperatures entering the region next week. Marking the intraday low of $1.995 at 1:50PM, May closed lower on Thursday at $2.007.

The EIA Natural Gas Storage Report published on Thursday showed a 25 BCF injection to storage for the week ended April 7 – below with the market estimate of 31 BCF. Total working gas in storage was reported as 1,855 BCF; 33.0% above this time last year and 18.9% above the five-year average.

As of 6:55AM EST this morning in Globex, WTI Crude was up 31 cents; Natural Gas was up two cents; Heating Oil was down slightly; and Gasoline was up one cent.
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