April 25, 2024
Wednesday, April 24
th saw the front-month NYMEX Natural Gas Futures Contract open at $1.765, five cents below Tuesday’s closing price of $1.812. Marking the intraday high as markets opened, the contract then began a steady descent that would span the session as longer-term forecasts turned bearish and whispers of export difficulties at the Freeport LNG terminal. Crossing midday at $1.712, the contract fell to a four-week intraday low of $1.634 ahead of 2:30PM. May closed lower on Wednesday at 1.653.
The EIA Natural Gas Storage Report is due out on Thursday at 10:30AM. The report is expected to show an 88 BCF injection to storage for the week ended April 19
th. This compares to a 79 BCF injection this time last year and a five-year average injection amount of 59 BCF.
As of 6:55AM EST this morning in Globex, WTI Crude was up 11 cents; Natural Gas was up one cent; Heating Oil was down one cent; and Gasoline was down one cent.
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