April 16, 2024
Monday, April 15
th saw the front-month NYMEX Natural Gas Futures Contract open at $1.712, six cents below Friday’s closing price of $1.770. Ascending to an intraday high of $1.746 at 10:00AM, forecasts for weak demand and unsupportive LNG export levels continued the market’s pre-session momentum. Falling to trade near $1.685 by 1:00PM, marking the intraday low of $1.678 at 1:35PM, May closed lower on Monday at $1.691.
The EIA Natural Gas Storage Report published last Thursday showed a 24 BCF withdrawal from storage for the week ended April 5 – above the market estimate 15 BCF. Total working gas in storage was reported as 2,283 BCF; 23.5% above this time last year and 38.4% above the five-year average.
As of 7:25AM EST this morning in Globex, WTI Crude was down 32 cents; Natural Gas was flat; Heating Oil was down one cent; and Gasoline was flat.
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