May NYMEX Natural Gas Futures Contract Closed at $1.587 on Wednesday, April 1st

Wednesday, April 1^stsaw the front-month NYMEX Natural Gas Futures Contract open at $1.626, a penny below Tuesday’s closing price of $1.640. Extending to an intraday high of $1.640 within minutes of the opening bell, prices soon retreated and found support near $1.595 at 10:30AM. Facing continued bearish pressure from a global economic slowdown due to COVID-19, the contract fell to an intraday low of $1.580 at 12:50PM. May closed lower on Wednesday at $1.587.

The EIA Natural Gas Storage Report is due out at 10:30AM today. The report is expected to show a 22 BCF withdrawal from storage for the week ended March 27^th. This compares to a 23 BCF injection at this time last year and a five-year average withdrawal amount of 19 BCF.

As of 7:35AM EST this morning in Globex, WTI Crude was up $1.96; Natural Gas was unchanged; Heating Oil was up four cents; and Gasoline was up six cents.

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