Tuesday, May 16th saw the front-month NYMEX Natural Gas Futures Contract open at $2.418, four cents above Monday’s closing price of $2.375. Ascending to a one-month intraday high of $2.470 by 9:45AM, prices then stabilized to trade along $2.440 through 11:30AM. With Alberta’s wildfires reportedly no longer posing a threat to production, and Platts Commodity Insights forecasting a string of triple-digit injections to storage to an already healthy storage supply, prices trended lower into the afternoon. Tallying the intraday low of $2.363 ahead of closing, June finished nearly flat on Tuesday at $2.376.
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 7:15AM EST this morning in Globex, WTI Crude was up 23 cents; Natural Gas was up two cents; Heating Oil was up one cent; and Gasoline was up one cent.
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.
