Thursday, May 24th saw the front-month NYMEX Natural Gas Futures Contracts open at $2.915, nearly flat to Wednesday’s closing price of $2.914. Lacking any significant activity ahead of the 10:30AM storage publication, aside from a drop to the intraday low of $2.904 at 9:30AM, the contract surpassed the $2.93 as the weekly report was released. Supported by expected short-term demand, June rose marginally into the afternoon to reach the intraday high of $2.941 before closing higher on Thursday at $2.940.
The NYMEX will be closed on Monday, May 28th in observance of the Memorial Day holiday.
The EIA Natural Gas Storage Report published on Thursday showed a 91 BCF injection to storage for the week ended May 18th – just below the market estimate of 92 BCF. Total working gas in storage was reported as 1,629 BCF; 33.0% below this time last year and 23.4% below the five-year average.
This morning in Globex, WTI Crude was down $1.92; Natural Gas was up one cent; Heating Oil was down four cents; and, Gasoline was down four cents.
Natural Gas Glossary
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