Wednesday, May 24th, saw the front-month NYMEX Natural Gas Futures Contracts open at $3.212, slightly below Tuesday’s closing price of $3.219. Losing ground out of the gate, prices fell to the intraday low of $3.176 by 9:10AM. Weighing changing weather forecasts and expectations for Thursday’s storage report, the contract rose late into the morning to tally the intraday high of $3.241 at the stroke of noon. Plotting a gradual downward course for the balance of the day, June closed lower on Wednesday at $3.209.
The EIA Natural Gas Storage Report is due out at 10:30AM today. The report is expected to show a 68 BCF injection to storage for the week ended May 19th. This compares to a 71 BCF injection at this time last year and a five-year average injection amount of 90 BCF.
This morning in Globex, WTI Crude was down 60 cents; Natural Gas was up one cent; Heating Oil was down slightly; and, Gasoline was down one cent. Additionally, cash prices were lower in New York and New England.
Natural Gas Glossary
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