Thursday, May 7th saw the front-month NYMEX Natural Gas Futures Contract open at $1.975, three cents above Wednesday’s closing price of $1.944. Jumping to an intraday high of $1.989 early on, prices soon dwindled lower to find support near $1.945 at 10:00AM. Slipping as low as $1.894 as the weekly storage publication hit the wire, the contract was quick to rebound. Trading near $1.950 by midday, June traded lower into the afternoon to record an intraday low of $1.888 at 2:20PM, closing lower on Thursday at $1.894.
The EIA Natural Gas Storage Report published on Thursday showed a 109 BCF injection to storage for the week ended May 1st – above the market estimate of 105. Total working gas in storage was reported as 2,319 BCF: 52.3% above this time last year and 20.5% above the five-year average.
As of 8:00AM EST this morning in Globex, WTI Crude was up 16 cents; Natural Gas was down four cents; Heating Oil was up one cent; and Gasoline was down slightly.
Natural Gas Glossary
Natural Gas Supplier
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.
