Natural Gas Contract Analysis: Recent Developments

Wednesday, April 9^th saw the front-month NYMEX Natural Gas contract open at $3.382, $0.083 cents below Tuesday’s closing price of $3.465. Marking the intraday low of $3.368 by 9:05AM, the contract struggled to find direction throughout the morning as the usual market fundamentals continued to compete with the ever-changing tariff landscape. Crossing midday at $3.504, prices jumped higher ahead of 1:30PM as President Trump announced a 90-day pause on reciprocal tariffs, except for China. Climbing to the intraday high of $3.827 at 2:25PM, May closed higher on Wednesday at $3.816.

The EIA Natural Gas Storage Report is due out Thursday at 10:30AM. The report is expected to show a 65 BCF injection to storage for the week ended April 4. This compares to a 24 BCF injection this time last year and a five-year average injection amount of 17 BCF.

As of 7:00AM this morning in Globex, WTI Crude was down $1.430; Natural Gas was down $0.075; Heating Oil was down $0.043; and Gasoline was down $0.042.

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