May NYMEX Natural Gas Futures Contract Closed at $1.841 on Wednesday, April 3rd

Market Insights
Natural Gas
April 4, 2024
Wednesday, March 3rd saw the front-month NYMEX Natural Gas Futures Contract open at $1.896, three cents above Tuesday’s closing price of $1.862. Ascending to the intraday high of $1.906 ahead of 9:30AM, prices soon withdrew as declines in production could no longer buoy a market with such saturated storage levels. Stabilizing near $1.855 by 10:30AM, the contract trading sideways for the balance of the session. Marking the intraday low $1.836 ahead of 2:30PM, May closed lower on Wednesday at $1.841.

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 7:15AM EST this morning in Globex, WTI Crude was down two cents; Natural Gas was down one cent; Heating Oil was down slightly; and Gasoline was down slightly.

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