On Thursday, May 30th – the July NYMEX Natural Gas Futures Contract began trading as the prompt month. Opening at $2.587, four cents below Wednesday’s closing price of $2.624, prices slid modestly lower to settle in along $2.580 ahead of 10:30AM. Plummeting below the $2.54 level as the bearish storage injection hit the wire, the afternoon saw multiple failed attempts to recover as the contract was unable to surpass $2.560. Tallying an intraday low of $2.534 shortly after midday, July closed lower on Thursday at $2.547.
The EIA Natural Gas Storage Report published on Thursday showed a 114 BCF injection to storage for the week ended May 24th – above the market estimate of 100 BCF. Total working gas in storage was reported as 1,867 BCF; 9.1% above this time last year and 12.1% below the five-year average.
As of 8:40AM EST this morning in Globex, WTI Crude was down $1.15; Natural Gas was up one cent; Heating Oil was down three cents; and Gasoline was down four cents.
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