NYMEX Natural Gas Price Hits Two-Year High of $4.491/MMBtu

The NYMEX natural gas "front month" futures contract (currently the April contract) closed at its highest level yesterday since Dec. 29, 2022, closing at $4.4910 per million British thermal units (MMBtu). That was a gain of 9.2 cents from Friday's close. However, it was quite the roller coaster, at least early in the day, as the price flirted with $5. At one point the price got as high as $4.901. Although weather is typically the factor driving price gains, this time it was trader psychology and concerns that U.S. natural gas storage levels could tighten further ahead of the summer air-conditioning season (less supply with the same or increasing demand).

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