Thursday, May 27th saw the front-month NYMEX Natural Gas Futures Contract open at $2.999, three cents below Wednesday’s closing price of $3.027. Trading along either side of $3.005 until 10:30AM, prices then tumbled lower as the bearish storage injection fell outside of even the highest analysts’ expectations. Stabilizing near $2.945 at 11:00AM, the contract fell to an intraday low of $2.914 at 12:40PM. Focusing on the expected above-average temperatures to fuel a recovery into the afternoon, July closed lower on Thursday at $2.958.
Please note that the Chicago Mercantile Exchange and Sprague will be closed on Monday, May 31, 2021 in observation of Memorial Day. The next storage report will be published on Tuesday, June 1, 2021.
The EIA Natural Gas Storage Report published on Thursday showed a 115 BCF injection to storage for the week ended May 21st – above the market estimate of 102 BCF. Total working gas in storage was reported as 2,215 BCF; 14.7% below this time last year and 2.8% below the five-year average.
As of 7:00AM EST this morning in Globex, WTI Crude was up 35 cents; Natural Gas was up two cents; Heating Oil was up one cent; and Gasoline was up one cent.
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