April 18, 2024
Wednesday, April 17
th saw the front-month NYMEX Natural Gas Futures Contract open at $1.711, two cents below Tuesday’s closing price of $1.732. Recording an intraday high of $1.715 within minutes of the open, prices retreated as TC Energy was able to contain the ruptured pipeline in Western Canada the previous day, avoiding any material disturbances to operations. Falling to the intraday low of $1.661 by 11:25AM, the contract mounted a recovery into the afternoon as May closed lower on Wednesday at $1.712.
The EIA Natural Gas Storage Report is due out on Thursday at 10:30AM. The report is expected to show a 56 BCF injection to storage for the week ended April 11
th. This compares to a 75 BCF injection this time last year and a five-year average injection amount of 61 BCF.
As of 7:40AM EST this morning in Globex, WTI Crude was down 35 cents; Natural Gas was up five cents; Heating Oil was down three cents; and Gasoline was down two cents.
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