The May-2024 NYMEX natural gas contract climbed 3.9 cents higher to $1.791 per MMBtu after production data showed daily dry gas output totaling 98.4 Bcf/day, down 0.7 Bcf/day from the weekend. The May-2024 WTI crude oil contract closed and expired 29 cents lower at $82.85 per barrel on easing Mideast tensions after Iran said it would not escalate the conflict with Israel. Equity markets bounced higher as investors prepared for a heavy week of quarterly results from major companies.
Tuesday 4/23
Natural gas inched 2.1 cents higher to $1.812 as traders continued to assess the supply and demand balance. The new prompt Jun-2024 WTI crude oil contract jumped $1.46 higher to $83.36 as traders bet slowing manufacturing activity would lead to the Federal Reserve cutting interest rates this year. Equities pushed higher on upbeat earnings even though the S&P Manufacturing PMI report revealed the U.S. manufacturing sector contracted in April.
Wednesday 4/24
Natural gas fell 15.9 cents lower to $1.653 as the weather outlook remained quite bearish for the coming weekend through May 8th on widespread comfortable temperatures. Crude slipped 55 cents lower to $82.81 even after the EIA reported a 6.4-millionbarrel decline in oil inventories, a 0.6 mb dip in gasoline stocks, and a 1.6 mb increase in distillates. Equity markets were mixed on the day as concerns over elevated interest rates outweighed a slate of positive quarterly earnings.
Thursday 4/25
The cost of natural gas settled 1.5 cents lower at $1.638 after the EIA reported a higher-than-expected 92 Bcf injection into storage, which widened the surplus compared to the 5-year average to 655 Bcf. Stocks tumbled lower after the latest U.S. economic data showed a sharp slowdown in growth and pointed to persistent inflation. Oil rebound 76 cents to $83.57 despite concerns demand in the U.S. would begin to weaken following today’s economic growth report.
Friday 4/26
The May-2024 NYMEX natural gas contract closed and expired 2.4 cents lower at $1.614 as a widening storage surplus and moderate shoulder season temperatures weighed on trader sentiment. Crude oil gained 28 cents to $83.85 as supply concerns supported prices amid continued tensions in the Middle East. Equities climbed higher even after the Federal Reserve’s preferred inflation gauge climbed 0.3% in March to an annualized 2.7%.
Looking Ahead
Natural gas is likely to move in a narrow range during the shoulder season as demand for cooling and heating declines.
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Jonathan Lee joined ENGIE Impact in 2009 and has produced the Energy Market Watch newsletter for 15 years. He manages the Energy & Sustainability Analytics Intelligence team, focusing on market intelligence and rate forecasting. Jonathan also has a background in Finance and Marketing.
Rick Margolin manages client projects towards the development of voluntary and compliance sustainability programs, evaluation of project opportunities, adoption, implementation and compliance. He also leads tracking of regulatory, legislative and policy environments for impacts on renewables and decarbonization markets.
Jonathan Lee
Manager, Energy & Sustainability Analytics Intelligence
Rick Margolin
Director, Renewables Advisory
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