On Wednesday, May 30th – the July NYMEX Natural Gas Futures Contracts began trading as the prompt month. Opening at $2.895, a penny below Tuesday’s closing price of $2.903, the contract lost its footing early on to mark the intraday low of $2.867 by 9:10AM. Ascending from there to reach the intraday high of $2.897 an hour later, prices fluctuated along either side of $2.885 for the balance of the day as July closed lower on Wednesday at $2.885.
The EIA Natural Gas Storage Report is due out at 10:30AM today. The report is expected to show a 103 BCF injection to storage for the week ended May 25th. This compares to an 81 BCF injection at this time last year and a five-year average injection amount of 97 BCF.
This morning in Globex, WTI Crude was down 72 cents; Natural Gas was up five cents; Heating Oil was down one cent; and, Gasoline was up slightly.
Natural Gas Glossary
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.
