Natural Gas Trends: Price Movements Explained

Thursday, April 10^th saw the front-month NYMEX Natural Gas contract open at $3.738, $0.078 cents below Wednesday’s closing price of $3.816. Marking the intraday high of $3.739 minutes after the opening bell, prices fell to trade along $3.640 leading up to the weekly storage publication. Following the historically bearish injection, the contract retreated into the afternoon. Marking the intraday low of $3.478 at 1:20PM, May closed lower on Thursday at $3.557.

The EIA Natural Gas Storage Report published on Thursday posted a 57 BCF injection to storage for the week ended April 4 – below the market estimate of a 65 BCF injection. Total working gas in storage was reported as 1,830 BCF; 19.7% below this time last year and 2.1% below the five-year average.

As of 6:55AM this morning in Globex, WTI Crude was up $0.130; Natural Gas was down $0.065; Heating Oil was flat; and Gasoline was up $0.015.

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