Wednesday, May 26th – settlement day for the June contract – saw the front-month NYMEX Natural Gas Futures Contract open at $2.941, three cents above Tuesday’s closing price of $2.913. Slipping downward to reach an intraday low of $2.975 at 10:00AM, prices were then directed upwards due to expectations of increased cooling demand. Crossing midday near $3.000, the contract rose to an intraday high of $3.046 at 2:00PM. June settled higher on Wednesday at $2.984. The more actively traded July contract closed five cents higher at $3.027.
As of 8:00AM EST this morning in Globex, WTI Crude was down 41 cents; Natural Gas was down two cents; Heating Oil was two cents; and Gasoline was down one cent.
The EIA Natural Gas Storage Report is due out on Thursday at 10:30AM. The report is expected to show a 102 BCF injection to storage for the week ended May 21st. This compares to a 109 BCF injection at this time last year and a five-year average injection amount of 91 BCF.
Natural Gas Glossary
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