Friday, May 13th saw the June NYMEX Natural Gas Futures Contract open at $7.881, fourteen cents above Thursday’s closing price of $7.739. Achieving the intraday high of $7.911 out of the gate, prices moved decidedly lower to cross $7.620 by 9:30AM as mild short-term temperatures will ease cooling demand. Marking the intraday low of $7.515 at 11:00, the contract traded along the $7.640 level throughout the afternoon. June closed lower on Friday at $7.663; down nearly 5% on the week.
The EIA Natural Gas Storage Report published on Thursday showed a 76 BCF injection to storage for the week ended May 6 – above the market estimate of a 64 BCF injection. Total working gas in storage was reported as 1,643 BCF; 18.6% below this time last year and 16.0% below the five-year average.
As of 6:40AM EST this morning in Globex, WTI Crude was down 52 cents; Natural Gas was up 14 cents; Heating Oil was down five cents; and Gasoline was up three cents.
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