Thursday, May 6th saw the front-month NYMEX Natural Gas Futures Contract open at $2.937, nearly even to Wednesday’s closing price of $2.938. Trading along either side of $2.940 heading into the weekly storage publication, prices jumped to an intraday high of $2.971 as the report hit the wire. Stepping lower to cross midday at $2.920, June closed lower on Thursday at $2.928.
The EIA Natural Gas Storage Report published on Thursday showed a 60 BCF injection to storage for the week ended April 30th – in line with the market estimate of 66 BCF. Total working gas in storage was reported as 1,958 BCF; 15.0% below this time last year and 3.0% below the five-year average.
As of 7:00AM EST this morning in Globex, WTI Crude was up six cents; Natural Gas was up two cents; Heating Oil was down slightly; and Gasoline was up slightly.
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