Wednesday, May 17th saw the front-month NYMEX Natural Gas Futures Contract open at $2.395, two cents above Tuesday’s closing price of $2.376. Losing ground early on to record the intraday low of $2.322 at 9:30AM, traders seem to be digesting market factors such as declining production, low shoulder-month demand, and the current storage glut. Prices then rose gradually through the morning and into the afternoon to peak at an intraday high of $2.414 at 1:35PM. June closed lower on Wednesday at $2.365.
The EIA Natural Gas Storage Report is due out on Thursday at 10:30AM. The report is expected to show a 110 BCF injection to storage for the week ended May 12. This compares to an 89 BCF injection at this time last year and a five-year average injection amount of 91 BCF.
As of 7:00AM EST this morning in Globex, WTI Crude was down ten cents; Natural Gas was up one cent; Heating Oil was down one cent; and Gasoline was unchanged.
For access to Sprague’s full Natural Gas Market Watch Report including commentary not posted here, please send your request to natgas@spragueenergy.com or call 1-855-466-2842.
