Wednesday, May 15th saw the front-month NYMEX Natural Gas Futures Contract open at $2.654, slightly below Tuesday’s closing price of $2.659. Tallying an intraday high of $2.655 out of the gate, the contract then plummeted below $2.620 within minutes of the session’s opening bell. Revised moderate short-term forecasts were enough for bearish traders to take control and drive the contract back to the $2.600 resistance level. Trending marginally lower near $2.615 as the day drew on, prices fell to an intraday low of $2.597 at 2:20PM, as June closed lower on Wednesday at $2.601.
The EIA Natural Gas Storage Report is due out at 10:30AM today. The report is expected to show a 105 BCF injection to storage for the week ended May 10th. This compares to a 106 BCF injection at this time last year and a five-year average injection amount of 89 BCF.
As of 9:00 EST this morning in Globex, WTI Crude was up 86 cents; Natural Gas was up one cent; Heating Oil was up three cents; and Gasoline was up four cents.
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