Natural Gas Prices Surge Amid Market Recovery

Monday, April 28^th saw the front-month NYMEX Natural Gas contract open at $2.892, $0.045 cents below Friday’s closing price of $2.937. Posting a strong recovery throughout the day, which analysts attributed to short-covering following last week’s sell-off, May settled higher on Monday at $3.170.

Ready to assume the front-month position, the June contract opened $0.012 lower on Monday at $3.102. Having roamed into oversold territory on Friday, prices surged higher early on to reach $3.331 at 10:15AM. Marking the intraday high of $3.362 at 2:05PM, June closed higher on Monday at $3.343.

The EIA Natural Gas Storage Report published on Thursday posted an 88 BCF injection to storage for the week ended April 18 – above the market estimate of an 80 BCF injection. Total working gas in storage was reported as 1,934 BCF; 19.8% below this time last year and 2.2% below the five-year average.

As of 7:30AM this morning in Globex, WTI Crude was down $1.180; Natural Gas was up $0.049; Heating Oil was down $0.024; and Gasoline was down $0.023.

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