May 22, 2020
Thursday, May 21
st saw the front-month NYMEX Natural Gas Futures Contract open at $1.734, four cents below Wednesday’s closing price of $1.771. Trading along either side of $1.730 through 10:30AM, prices jumped to an intraday high of $1.750 as the weekly storage publication hit the wire. Trending lower in the following hours, the contract fell to an intraday low of $1.692 at 1:30PM. The June contract closed lower on Thursday at $1.710.
The EIA Natural Gas Storage Report published on Thursday showed an 81 BCF injection to storage for the week ended May 15
th – below the market estimate of 99. Total working gas in storage was reported as 2,503 BCF: 45.2% above this time last year and 19.4% above the five-year average.
As of 8:15AM EST this morning in Globex, WTI Crude was down $1.28; Natural Gas was up slightly; Heating Oil was down two cents; and Gasoline was down two cents.
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