Thursday, May 16th saw the front-month NYMEX Natural Gas Futures Contract open at $2.605, just above Wednesday’s closing price of $2.601. Following the previous session’s weather and technical trading –induced selloff, prices rose to $2.630 only to return to opening levels ahead of the 10:30AM storage release. Mounting a secondary ascent as the weekly publication was in line with market expectations, the contract rose to the intraday high of $2.647 at 12:30PM. June finished higher on Thursday at $2.639.
The EIA Natural Gas Storage Report published on Thursday showed a 106 BCF injection to storage for the week ended May 10th – on par with the market estimate of 105 BCF. Total working gas in storage was reported as 1,653 BCF; 8.5% above this time last year and 14.7% below the five-year average.
As of 9:10AM EST this morning in Globex, WTI Crude was up 34 cents; Natural Gas was down one cent; Heating Oil was down one cent; and Gasoline was up slightly.
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