Wednesday, May 18th saw the June NYMEX Natural Gas Futures Contract open at $8.479, seventeen cents above Tuesday’s closing price of $8.304. Marking the intraday high of $8.507 ahead of 9:30AM, the contract then posted a steady descent until marking the intraday low of $8.205 at 11:30AM. Pre-session gains that bled into the session opening were supported by the addition of cooling-degree days to the short-term forecast. Rebounding from this low into the afternoon, June closed higher on Wednesday at $8.368.
The EIA Natural Gas Storage Report is due out on Thursday at 10:30AM. The report is expected to show an 89 BCF injection to storage for the week ended May 13. This compares to a 71 BCF injection at this time last year and a five-year average injection amount of 87 BCF.
As of 7:15AM EST this morning in Globex, WTI Crude was down $1.94; Natural Gas was down 24 cents; Heating Oil was down ten cents; and Gasoline was down 12 cents.
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