Thursday, April 15th saw the front-month NYMEX Natural Gas Futures Contract open at $2.590, three cents below Wednesday’s closing price of $2.618. Tallying an intraday low of $2.586 within minutes of the opening bell, prices rose to trade near $2.620 by 10:00AM. Climbing higher despite the bearish storage injection, traders are eying forecasts for below-average temperatures. Achieving an intraday high of $2.685 at 12:10PM, the contract traded near $2.665 for the rest of the day. May closed higher on Thursday at $2.658.
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 7:35AM EST this morning in Globex, WTI Crude was down 13 cents; Natural Gas was up three cents; Heating Oil was down slightly; and Gasoline was down slightly.
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