Friday, April 22nd saw the May NYMEX Natural Gas Futures Contract open at $6.834, twelve cents below Thursday’s closing price of $6.957. Tallying the intraday high of $6.903 by 9:15AM, prices moved lower throughout the day on weak market fundamentals, aside from the persistent storage deficit, and profit taking. Crossing midday near $6.685 as weather demand is expected to be light, the contract marked an intraday low of $6.522 ahead of 2:30PM. May closed lower on Friday at $6.534; down roughly 10% on the week.
The EIA Natural Gas Storage Report published on Thursday showed a 51 BCF injection to storage for the week ended April 15 – in line with the market estimate of a 50 BCF injection. Total working gas in storage was reported as 1,450 BCF; 22.8% below this time last year and 16.8% below the five-year average.
As of 6:30AM EST this morning in Globex, WTI Crude was down $4.50; Natural Gas was down eight cents; Heating Oil was down seven cents; and Gasoline was down 13 cents.
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