May NYMEX Natural Gas Futures Contract Closed at $1.862 on Tuesday, April 2nd

Market Insights
Natural Gas
April 3, 2024
Tuesday, April 2nd saw the front-month NYMEX Natural Gas Futures Contract open at $1.783, five cents below Monday’s closing price of $1.837. Knocked down overnight by weakening LNG exports and weak heating demand, prices fell to an intraday low of $1.778 within minutes of the open. Possible having trod into oversold territory, the contract stepped gradually higher throughout the morning. Marking the intraday high of $1.881 at 11:15AM, May traded sideways into the afternoon to close at $1.862 on Tuesday at $1.862.

The EIA Natural Gas Storage Report is due out on Thursday at 10:30AM. The report is expected to show a 41 BCF withdrawal from storage for the week ended March 29th. This compares to a 23 BCF withdrawal this time last year and a five-year average withdrawal amount of 27 BCF.

As of 6:45AM EST this morning in Globex, WTI Crude was up 40 cents; Natural Gas was up one cent; Heating Oil was up two cents; and Gasoline was up one cent.
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