Tuesday, May 24th saw the June NYMEX Natural Gas Futures Contract open at $8.730, just below Monday’s closing price of $8.744. Dipping to an intraday low of $8.616 early on, prices rose to $8.760 near 10:30AM and hovered around that mark for the majority of the day. Attaining a fresh muti-year high of $8.870 at 10:55AM, the contract traded sideways into the afternoon as expected cooling demand, steady LNG exports, and the impending contract expiration all provided support. June closed higher on Tuesday at $8.796.
The July contract finished slightly higher at $8.836.
The EIA Natural Gas Storage Report is due out on Thursday at 10:30AM. The report is expected to show a 76 BCF injection to storage for the week ended May 20th. This compares to a 115 BCF injection at this time last year and a five-year average injection amount of 97 BCF.
As of 5:00AM EST this morning in Globex, WTI Crude was up $1.15; Natural Gas was up two cents; Heating Oil was up six cents; and Gasoline was up five cents.
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