Wednesday, May 24th saw the front-month NYMEX Natural Gas Futures Contract open at $2.372, five cents above Tuesday’s closing price of $2.321. Gaining ground overnight, the contract stabilized near $2.380 for the duration of the session as traders overlooked bearish weather forecasts, instead training their gaze upon the declining rig count. Marking the intraday high of $2.402 at 10:20AM and again ahead of 2:30PM, and tallying the intraday low of $2.362 at 11:05AM, June closed higher on Wednesday at $2.398.
Set to assume the prompt-month position next Tuesday, July closed nearly eight cents higher at $2.566.
The EIA Natural Gas Storage Report is due out on Thursday at 10:30AM. The report is expected to show a 94 BCF injection to storage for the week ended May 19. This compares to an 87 BCF injection at this time last year and a five-year average injection amount of 96 BCF.
As of 6:55AM EST this morning in Globex, WTI Crude was down $1.38; Natural Gas was down three cents; Heating Oil was down four cents; and Gasoline was down six 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.
