Friday, April 16th saw the front-month NYMEX Natural Gas Futures Contract open at $2.691, three cents above Thursday’s closing price of $2.658. Achieving an intraday high of $2.700 at 9:20AM and an intraday low of $2.664 nearly two hours later, the contract traded within a tight band near $2.680 throughout the afternoon. Below average temperatures in much of the country and continued demand for LNG have supported the latest rally. May closed higher on Friday at $2.680.
The EIA Natural Gas Storage Report published on Thursday showed a 61 BCF injection to storage for the week ended April 9th – above the market estimate of 50 BCF. Total working gas in storage was reported as 1,845 BCF; 11.6% below this time last year and 0.6% above the five-year average.
As of 6:40AM EST this morning in Globex, WTI Crude was down three cents; Natural Gas was up five cents; Heating Oil was down slightly; and Gasoline was down slightly.
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