Tuesday, April 21st saw the front-month NYMEX Natural Gas Futures Contract open at $1.914, a penny below Monday’s closing price of $1.924. Climbing to an intraday high of $1.943 soon after the opening bell, the contract withdrew over the following hour to slip below $1.870. Rallying to reclaim the $1.930 ahead of midday, the contract then collapsed and sank lower into the afternoon. Following more than a 10% jump on Monday that was prompted by oil producer shut-ins, overlooking worries about COVID-19, yesterday’s session was a return to fundamentals, as stores of natural gas remain ample. Bottoming out at an intraday low of $1.779 at 2:00PM, May closed lower on Tuesday at $1.821.
As of 8:10AM EST this morning in Globex, WTI Crude was unchanged; Natural Gas was down three cents; Heating Oil was up two cents; and Gasoline was up seven cents.
Natural Gas Glossary
Natural Gas Supplier
For access to Sprague’s full Natural Gas Market Watch Report including commentary not posted here, please send your request to natgas@spragueenergy.com or call 1-855-466-2842.
