Friday, May 27
th – saw the July contract assume the front-month NYMEX Natural Gas Futures Contract position. Opening at $8.481, forty-one cents below Thursday’s closing price of $8.895, prices slipped early on to mark the intraday low of $8.285 at 9:50AM. Losing ground overnight due to short term bearish temperatures in early June, the contract spent the balance of the day recouping these losses. Peaking at an intraday high of $8.804 at 12:15PM, July closed lower on Friday at $8.727.
The NYMEX was closed on Monday, May 30
th, in observance of Memorial Day.
The EIA Natural Gas Storage Report published on Thursday showed an 80 BCF injection to storage for the week ended May 20 – in line with the market estimate of 76 BCF. Total working gas in storage was reported as 1,812 BCF; 17.6% below this time last year and 15.3% below the five-year average.
As of 6:40AM EST this morning in Globex, WTI Crude was up $3.82; Natural Gas was flat; Heating Oil was up 21 cents; and Gasoline was up eight cents.
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