April 17, 2024
Tuesday, April 16
th saw the front-month NYMEX Natural Gas Futures Contract open at $1.714, two cents above Monday’s closing price of $1.691. Following a quiet morning of trading that saw the contract trend lower through midday due to weak fundamentals, marking the intraday low of $1.649 at1:45PM, prices then jumped abruptly higher. Spiking to an intraday high of $1.802 by 2:05PM, it was later explained that TC Energy Corp. reported an incident on their Nova Gas Transmission Ltd. (NGTL) system. Per TC Energy, the affected area was isolated and shutdown. May closed higher on Tuesday at $1.732.
The EIA Natural Gas Storage Report is due out on Thursday at 10:30AM. The report is expected to show a 56 BCF injection to storage for the week ended April 11
th. This compares to a 75 BCF injection this time last year and a five-year average injection amount of 61 BCF.
As of 7:40AM EST this morning in Globex, WTI Crude was down 54 cents; Natural Gas was down six cents; Heating Oil was down two cents; and Gasoline was down two cents.
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