May 6, 2021
Wednesday, May 5
th saw the front-month NYMEX Natural Gas Futures Contract open at $2.964, nearly even to Tuesday’s closing price of $2.967. Ascending to $2.975 early on, prices slipped to an intraday low of $2.913 by 10:00AM. Recovering to mark an intraday high of $2.977 at 11:10AM, the contract has been range bound the past few sessions, as the $3.000 level looms close by. Traders are likely waiting for the next market catalyst, which could come in today’s EIA Storage Report. June traded near $2.950 for the majority of the afternoon, closing lower on Wednesday at $2.938.
The EIA Natural Gas Storage Report is due out on Thursday at 10:30AM. The report is expected to show a 66 BCF injection to storage for the week ended April 30
th. This compares to a 109 BCF injection at this time last year and a five-year average injection amount of 81 BCF.
As of 7:00AM EST this morning in Globex, WTI Crude was down 50 cents; Natural Gas was up one cent; Heating Oil was down two cents; and Gasoline was down two cents
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