Wednesday, May 31st saw the front-month NYMEX Natural Gas Futures Contract open at $2.372, five cents above Tuesday’s closing price of $2.327. Peaking at the intraday high of $2.410 ahead of 9:30AM, the contract then posted a steady descent that would span the balance of the session. Driven lower by the current storage glut and bearish weather forecasts, prices slipped to the intraday low of $2.263 ahead of 2:30PM. July closed lower on Wednesday at $2.266.
The EIA Natural Gas Storage Report is due out on Thursday at 10:30AM. The report is expected to show a 107 BCF injection to storage for the week ended May 26. This compares to an 82 BCF injection at this time last year and a five-year average injection amount of 101 BCF.
As of 6:50AM EST this morning in Globex, WTI Crude was down 53 cents; Natural Gas was down two cents; Heating Oil was down one cent; and Gasoline was down three cents.
For access to Sprague’s full Natural Gas Market Watch Report including commentary not posted here, please send your request to natgas@spragueenergy.com or call 1-855-466-2842.
