June NYMEX Natural Gas Futures Contract Closed at $8.415 on Wednesday, May 4th

Wednesday, May 4th saw the June NYMEX Natural Gas Futures Contract open at $8.451, fifty cents above Tuesday’s closing price of $7.954. Following the pre-session rally, prices traded within an eleven-cent range of $8.360 throughout the day, reaching another multi-year intraday high of $8.473 at 1:15PM. Amid steady LNG exports and production interruptions, the latest bullish catalyst concerns how vulnerable storage levels are, pending a potential heavy cooling demand season this summer. June closed higher on Wednesday at $8.415.

The EIA Natural Gas Storage Report is due out on Thursday at 10:30AM. The report is expected to show a 35 BCF injection to storage for the week ended April 29. This compares to a 60 BCF injection at this time last year and a five-year average injection amount of 78 BCF.

As of 6:30AM EST this morning in Globex, WTI Crude was up 36 cents; Natural Gas was up seven cents; Heating Oil was down six cents; and Gasoline was down slightly.

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