Thursday, May 11th, saw the front-month NYMEX Natural Gas Futures Contracts open at $3.316, two cents above Wednesday’s closing price of $3.292. Recording the intraday low of $3.316 as markets opened, prices then traded within a penny of $3.325 through 10:00AM. Adding a penny as the 10:30AM storage publication approached, the contract surged to a fresh three-month high of $3.388 upon news of a bullish injection. Sustaining bouts of selling to match the intraday high shortly past midday, June posted a composed decline before closing higher on Thursday at $3.376.
The EIA Natural Gas Storage Report published on Thursday showed a 45 BCF injection to storage for the week ended May 5th – below the market estimate of 53 BCF. Total working gas in storage was reported as 2,301 BCF; 13.9% below this time last year and 13.6% above the five-year average.
This morning in Globex, WTI Crude was up 18 cents; Natural Gas was up slightly; Heating Oil was up one cent; and, Gasoline was up two cents. Additionally, cash prices were higher in New York and New England.
Natural Gas Glossary
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