Wednesday, May 23rd saw the front-month NYMEX Natural Gas Futures Contracts open at $2.907, nearly flat to Tuesday’s closing price of $2.908. Fueled by continued expectations for short-term above average temperatures that will drive cooling demand, prices managed a staggered ascent to reach the intraday high of $2.939 shortly after 10:00AM. Stepping gradually lower as the day drew on, June closed higher on Wednesday at $2.914.
The EIA Natural Gas Storage Report is due out at 10:30AM today. The report is expected to show a 92 BCF injection to storage for the week ended May 18th. This compares to a 75 BCF injection at this time last year and a five-year average injection amount of 89 BCF.
This morning in Globex, WTI Crude was down 87 cents; Natural Gas was unchanged; Heating Oil was down one cent; and, Gasoline was down two cents.
Natural Gas Glossary
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