Thursday, May 31st saw the front-month NYMEX Natural Gas Futures Contracts open at $2.927, four cents above Wednesday’s closing price of $2.885. Stepping higher overnight as bullish weather forecasts look to threaten already diminished storage levels, the contract rose to $2.960 by 9:30AM. Launching to a four-month intraday high of $2.988 as the lower-than-anticipated injection was published, this climb was short-lived as prices returned to the $2.96 mark by midday. Tumbling lower into the afternoon, July closed higher on Thursday at $2.952.
The EIA Natural Gas Storage Report published on Thursday showed a 96 BCF injection to storage for the week ended May 25th – below the market estimate of 103 BCF. Total working gas in storage was reported as 1,725 BCF; 31.4% below this time last year and 22.5% below the five-year average.
This morning in Globex, WTI Crude was down 91 cents; Natural Gas was unchanged; Heating Oil was down two cents; and, Gasoline was down one cent.
Natural Gas Glossary
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