June NYMEX Natural Gas Futures Contract Closed at $8.304 on Tuesday, May 17th

Tuesday, May 17^th saw the June NYMEX Natural Gas Futures Contract open at $8.224, twenty-seven cents above Monday’s closing price of $7.956. Trading within a tight band, relative at least to past few sessions, near the $8.260 level for the majority of the day as the main driver of the recent rally haven’t changed. Marking an intraday high of $8.372 at 9:45AM and the intraday low of $8.135 at midday, June closed higher on Tuesday at $8.304.

The EIA Natural Gas Storage Report is due out on Thursday at 10:30AM. The report is expected to show an 89 BCF injection to storage for the week ended May 13. This compares to a 71 BCF injection at this time last year and a five-year average injection amount of 87 BCF.

As of 6:50AM EST this morning in Globex, WTI Crude was up $1.34; Natural Gas was up two cents; Heating Oil was up three cents; and Gasoline was down slightly.

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