Wednesday, May 8th saw the front-month NYMEX Natural Gas Futures Contract open at $2.578, roughly four cents above Tuesday’s closing price of $2.537. Climbing from the intraday low of $2.574 as markets opened, prices rose steadily through the morning to reach above the $2.61 level. Seesawing along $2.600 into the early afternoon, the contract tallied an intraday high of $2.615 at 2:20PM as June closed higher on Wednesday at $2.610.
The EIA Natural Gas Storage Report is due out at 10:30AM today. The report is expected to show a 90 BCF injection to storage for the week ended May 3rd. This compares to an 89 BCF injection at this time last year and a five-year average injection amount of 72 BCF.
As of 8:35 EST this morning in Globex, WTI Crude was down 37 cents; Natural Gas was down two cents; Heating Oil was down one cent; and Gasoline was up slightly.
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