Thursday, May 18th, saw the front-month NYMEX Natural Gas Futures Contracts open at $3.229, nearly four cents above Wednesday’s closing price of 3.192. Tallying the intraday high of $3.230 as markets opened, prices tumbled gradually lower to reach the $3.19 level ahead of the 10:30AM storage publication. Sinking to the intraday low of $3.161 as the report hit the wire, the contract then surged higher, in spite of a larger than anticipated storage injection. Facing resistance near $3.225 minutes later, staggered bouts of selling saw June trade within a penny of $3.190 for the majority of the day, closing lower on Thursday at $3.182.
The EIA Natural Gas Storage Report published on Thursday showed a 68 BCF injection to storage for the week ended May 12th – above the market estimate of 64 BCF. Total working gas in storage was reported as 2,369 BCF; 13.7% below this time last year and 12.1% above the five-year average.
This morning in Globex, WTI Crude was up 71 cents; Natural Gas was up two cents; Heating Oil was up two cents; and, Gasoline was up two cents as well. Additionally, cash prices were lower in New York and New England.
Natural Gas Glossary
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