Natural Gas Price Movements and Trends Explained

Monday, April 21^st saw the front-month NYMEX Natural Gas contract open at $3.154, $0.091 cents below Thursday’s closing price of $3.245. Recording the intraday high of $3.172 within minutes of the opening bell, prices then steadily decreased throughout the trading session due to a combination of milder weather forecasts reducing heating demand and ample storage levels easing supply concerns. May closed at the intraday low of $3.016 Monday.

The EIA Natural Gas Storage Report published on Thursday posted a 16 BCF injection to storage for the week ended April 11 – below the market estimate of a 25 BCF injection. Total working gas in storage was reported as 1,846 BCF; 20.6% below this time last year and 3.9% below the five-year average.

As of 9:15AM this morning in Globex, WTI Crude was up $0.650; Natural Gas was up $0.043; Heating Oil was up $0.281; and Gasoline was up $0.030.

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