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

                                                                                                 
For access to Sprague’s full Natural Gas Market Watch Report including commentary not posted here, please send your request to natgas@spragueenergy.com or call 1-855-466-2842.