Wednesday, May 13th saw the front-month NYMEX Natural Gas Futures Contract open at $1.716, just below Tuesday’s closing price of $1.720. Reaching an intraday high of $1.726 within minutes of the opening bell, momentum turned bearish once again as a year-over-year decline in usage outweighed optimism regarding a slowdown in production. Trading along either side of $1.690 through 10:30AM, the contract broke through multiple resistance levels as the session drew on. Falling to a four-week intraday low of $1.595 at 2:10PM, June closed lower on Wednesday at $1.616.
The EIA Natural Gas Storage Report is due out at 10:30AM today. The report is expected to show a 103 BCF injection to storage for the week ended May 8th. This compares to a 106 BCF injection at this time last year and a five-year average injection amount of 85 BCF.
As of 7:45AM EST this morning in Globex, WTI Crude was up 71 cents; Natural Gas was up one cent; Heating Oil was up two cents; and Gasoline was up two cents.
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