Tuesday, April 5th saw the May NYMEX Natural Gas Futures Contract open at of $5.955, twenty-four cents above Monday’s closing price of 5.712. Falling to the intraday low of $5.938 at 9:25AM, prices surged higher on supply concerns as domestic production slips and LNG exports remain steady. Despite bearish forecasts, prices rose to a ten-week intraday high of $6.201 at 11:30AM. Posting a staggered descent to close out the day, May closed higher on Tuesday at $6.032.
The EIA Natural Gas Storage Report is due out on Thursday at 10:30AM. The report is expected to show a 13 BCF injection to storage for the week ended April 1. This compares to a 20 BCF injection at this time last year and a five-year average injection amount of 8 BCF.
As of 7:00AM EST this morning in Globex, WTI Crude was up $1.88; Natural Gas was up 10 cents; Heating Oil was up nine cents; and Gasoline up four cents.
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