May 8, 2020
Thursday, May 7
th saw the front-month NYMEX Natural Gas Futures Contract open at $1.975, three cents above Wednesday’s closing price of $1.944. Jumping to an intraday high of $1.989 early on, prices soon dwindled lower to find support near $1.945 at 10:00AM. Slipping as low as $1.894 as the weekly storage publication hit the wire, the contract was quick to rebound. Trading near $1.950 by midday, June traded lower into the afternoon to record an intraday low of $1.888 at 2:20PM, closing lower on Thursday at $1.894.
The EIA Natural Gas Storage Report published on Thursday showed a 109 BCF injection to storage for the week ended May 1
st – above the market estimate of 105. Total working gas in storage was reported as 2,319 BCF: 52.3% above this time last year and 20.5% above the five-year average.
As of 8:00AM EST this morning in Globex, WTI Crude was up 16 cents; Natural Gas was down four cents; Heating Oil was up one cent; and Gasoline was down slightly.
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