Wednesday, May 25th saw the June NYMEX Natural Gas Futures Contract open at $9.230, forty-three cents above Tuesday’s closing price of $8.796. With continued support from weak production numbers and the June contract expiration, prices rose to a 14-year intraday high of $9.399 at 9:45AM. Losing ground heading into the afternoon, June closed higher on Wednesday at $8.971.
The more actively traded July contract opened nearly forty-three cents above Tuesday’s closing price of $8.836. Mapping a similar course as its predecessor, the contract marked an intraday high of $9.437 at 9:45AM then posted a steady decline to span the balance of the day. July closed nearly 16 cents higher at $8.993.
The EIA Natural Gas Storage Report is due out on Thursday at 10:30AM. The report is expected to show a 76 BCF injection to storage for the week ended May 20th. This compares to a 115 BCF injection at this time last year and a five-year average injection amount of 97 BCF.
As of 6:30AM EST this morning in Globex, WTI Crude was up 97 cents; Natural Gas was up one cent; Heating Oil was up two cents; and Gasoline was up three cents.
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