Wednesday, May 19th saw the front-month NYMEX Natural Gas Futures Contract open at $2.984, three cents below Tuesday’s closing price of $3.012. Reaching an intraday high of $2.991 at 9:50AM and falling to an intraday low of $2.940 an hour later, prices were down slightly as the contract was over-bought and forecasts tempered. Trading near $2.965 throughout the afternoon, June closed lower on Wednesday at $2.964.
The EIA Natural Gas Storage Report is due out on Thursday at 10:30AM. The report is expected to show a 63 BCF injection to storage for the week ended May 14th. This compares to an 81 BCF injection at this time last year and a five-year average injection amount of 86 BCF.
As of 7:45AM EST this morning in Globex, WTI Crude was down 77 cents; Natural Gas was up one cent; Heating Oil was down two cents; and Gasoline was down two cents.
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