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Oversupply conditions continue to weigh on energy prices.
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Monday 4/8
The May-2024 NYMEX natural gas contract climbed 5.9 cents higher to $1.844 per MMBtu on reports dry natural gas production slipped below 100 Bcf per day to start the week. The May-2024 WTI crude oil contract edged 48 cents lower to $86.43 per barrel on easing geopolitical tensions in the Mideast after Israel withdrew more soldiers from southern Gaza. Equity markets were marginally changed as investors awaited readings for March consumer and producer price indexes later in the week.
Tuesday 4/9
The May-2024 NYMEX natural gas contract climbed 5.9 cents higher to $1.844 per MMBtu on reports dry natural gas production slipped below 100 Bcf per day to start the week. The May-2024 WTI crude oil contract edged 48 cents lower to $86.43 per barrel on easing geopolitical tensions in the Mideast after Israel withdrew more soldiers from southern Gaza. Equity markets were marginally changed as investors awaited readings for March consumer and producer price indexes later in the week.
Wednesday 4/10
Natural gas gained 1.3 cents to end the day at $1.885 ahead of the next day’s storage report, which was expected to show a small 15 Bcf injection into storage. Crude climbed 98 cents higher to $86.21 even after the EIA reported a 5.8-million-barrel increase in oil inventories, a 0.7 mb bump in gasoline stocks, and a 1.7 mb increase in distillates. Equities tumbled lower after the Bureau of Labor Statistics reported consumer inflation climbed 0.4% during March.
Thursday 4/11
The cost of natural gas lost 12.1 cents to close at $1.764 after the EIA reported a higher-thanexpected 24 Bcf build to storage, which widened the surplus compared to the 5-year average to 633 Bcf. Oil prices declined $1.19 to settle at $85.02 on concerns interest rates would remain elevated longer than anticipated and weigh on economic activity. Equity markets hovered near the unchanged mark after the producer price index reading for March came in slightly below estimates.
Friday 4/12
Natural gas settled 0.6 cents higher at $1.770 as traders monitored LNG feed gas volumes that were around 12.0 Bcf/day after Freeport experienced problems with Train 3. Crude oil pushed 64 cents higher to $85.66 on reports that Israel was preparing for a direct attack by Iran during the weekend. Equity markets suffered major losses after a major financial institution announced a disappointing net interest income outlook for 2024.
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.
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