May NYMEX Natural Gas Futures Contract Closed at $1.837 on Monday, April 1st

Market Insights
Natural Gas
April 2, 2024
Monday, April 1st saw the front-month NYMEX Natural Gas Futures Contract open at $1.818, nearly six cents above Thursday’s closing price of $1.763. Markets were closed on Friday in observance of Good Friday. Losing ground to tally a low of $1.801 at 10:25AM, prices then rose through midday until peaking at an intraday high of $1.853 at 12:50PM. Some analysts pointed to lower production as the impetus for the session’s bullish tone. May closed higher on Monday at $1.837.

The EIA Natural Gas Storage Report published last Thursday showed a 36 BCF withdrawal from storage for the week ended March 22 – above the market estimate 27 BCF. Total working gas in storage was reported as 2,296 BCF; 23.0% above this time last year and 41.1% above the five-year average.

As of 6:57AM EST this morning in Globex, WTI Crude was up $1.49; Natural Gas was down two cents; Heating Oil was up six cents; and Gasoline was up three cents.
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