June 5, 2023
Friday, June 2
nd saw the front-month NYMEX Natural Gas Futures Contract open at $2.193, nearly four cents above Thursday’s closing price of $2.158. Ascending to trade along the $2.220 level ahead of 10:00AM, recording the intraday high of $2.233 multiple times throughout the morning, the contract moved largely sideways for the entirety of the session. Stepping lower to straddle the $2.195 mark in the afternoon, prices fell to an intraday low of $2.167 ahead of 2:30PM. July closed higher on Friday at $2.172.
The EIA Natural Gas Storage Report published on Thursday showed a 110 BCF injection to storage for the week ended May 26 – in line with the market estimate of 107 BCF. Total working gas in storage was reported as 2,446 BCF; 29.5% above this time last year and 16.6% above the five-year average.
As of 7:00AM EST this morning in Globex, WTI Crude was up $1.37; Natural Gas was up six cents; Heating Oil was up four cents; and Gasoline was up three cents.
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