Thursday, May 23rd saw the front-month NYMEX Natural Gas Futures Contract open at $2.562, two cents above Wednesday’s closing price of $2.543. Slipping to the intraday low of $2.540 ahead of 10:00AM, prices were able to recover to $2.555 ahead of 10:30AM. Trending higher as the EIA’s storage report hit the wire, the contract posted a gradual ascent into the afternoon to mark an intraday high of $2.589 at 1:30PM. June closed higher on Thursday $2.578.
The EIA Natural Gas Storage Report published on Thursday showed a 100 BCF injection to storage for the week ended May 17th – on par with the market estimate of 102 BCF. Total working gas in storage was reported as 1,753 BCF; 8.5% above this time last year and 13.5% below the five-year average.
As of 8:55AM EST this morning in Globex, WTI Crude was up 80 cents; Natural Gas was down one cent; Heating Oil was up one cent; and Gasoline was up one cent.
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