May NYMEX Natural Gas Futures Contract Closed at $2.366 on Tuesday, April 18th

Market Insights
Natural Gas
April 19, 2023
Tuesday, April 18th saw the front-month NYMEX Natural Gas Futures Contract open at $2.279, nearly even to Monday’s closing price of $2.275. Slipping to the intraday low of $2.267 shortly after 10:00AM, the contract then continued the previous session’s rally as the bullish forecast for cooler temperatures is now expected to extend later into the month. Crossing midday at $2.352 and tallying the intraday high of $2.383 at 2:25PM, May closed higher on Tuesday at $2.366.

The EIA Natural Gas Storage Report is due out on Thursday at 10:30AM. The report is expected to show a 65 BCF injection to storage for the week ended April 14. This compares to a 53 BCF injection at this time last year and a five-year average injection amount of 41 BCF.

As of 7:35AM EST this morning in Globex, WTI Crude was down $1.60; Natural Gas was down three cents; Heating Oil was down four cents; and Gasoline was down five cents.
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