Thursday May 10th saw the front-month NYMEX Natural Gas Futures Contracts open at $2.733, just below Wednesday’s closing price of $2.737. Climbing to the $2.77 mark shortly after markets opened, the contract stabilized near $2.765 ahead of the 10:30 storage report. Spiking higher in spite of the bullish storage injection, prices eclipsed $2.800 and continued higher into the afternoon. Marking a near two-week intraday high of $2.820 at 2:20PM, June closed higher on Thursday at $2.814.
The EIA Natural Gas Storage Report published on Thursday showed an 89 BCF injection to storage for the week ended May 4th – even with the market estimate. Total working gas in storage was reported as 1,432 BCF; 37.6% below this time last year and 26.6% below the five-year average.
This morning in Globex, WTI Crude was down nine cents; Natural Gas was down slightly; Heating Oil was unchanged; and, Gasoline was up slightly.
Natural Gas Glossary
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