Thursday, April 23rd saw the front-month NYMEX Natural Gas Futures Contract open at $1.897, four cents below Wednesday’s closing price of $1.939. Trading along either side of the $1.89 level through 10:30AM, prices this jumped to an intraday high of $1.933 as the weekly storage report hit the wire. Seeking direction soon thereafter, the contract cascaded lower into the day. Recording an intraday low of $1.810 ahead of 2:00PM, May closed lower on Thursday at $1.815.
The EIA Natural Gas Storage Report published on Thursday showed a 43 BCF injection to storage for the week ended April 17th – in line with the market estimate of 40 BCF. Total working gas in storage was reported as 2,140 BCF: 63.0% above this time last year and 20.5% above the five-year average.
As of 7:45AM EST this morning in Globex, WTI Crude was up 36 cents; Natural Gas was down three cents; Heating Oil was down two cents; and Gasoline was down slightly.
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