Monday, May 4th saw the front-month NYMEX Natural Gas Futures Contract open at $1.965, 4% above Friday’s closing price of $1.890. Ascending to an intraday high of $2.006 by 9:15AM, prices were quick to withdraw back below the $2.00 level as resistance at that mark remains firm. Falling to an intraday low of $1.942 at 10:30AM, the market is in a balancing act as natural gas rig counts decline and at the same time, demand is low due to the Coronavirus-related economic slowdown. Despite the impending drop in production, storage levels remain nearly 20% above the five-year average. Aspiring to reach $2.00 again as the session drew on, the June contract closed higher on Monday at $1.993.
As of 7:20AM EST this morning in Globex, WTI Crude was up $2.12; Natural Gas was up 11 cents; Heating Oil was up six cents; and Gasoline was up four cents.
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