May 4, 2022
Tuesday, May 3
rd saw the June NYMEX Natural Gas Futures Contract open at $7.988, forty-one cents above Monday’s closing price of $7.475. Continuing its pre-session rally to attain a fresh 13-year intraday high of $8.169 at 10:00AM, the contract chopped around the $8.100 level through midday. Analysts pointed to multiple catalysts for yesterday’s spurge, many agreeing that the rise was due to expected early season cooling demand, which would add to ongoing supply concerns. Losing ground heading into the afternoon, June found an intraday low of $7.790 at 2:00PM and closed higher at $7.954.
The EIA Natural Gas Storage Report is due out on Thursday at 10:30AM. The report is expected to show a 33 BCF injection to storage for the week ended April 29. This compares to a 60 BCF injection at this time last year and a five-year average injection amount of 78 BCF.
As of 7:25AM EST this morning in Globex, WTI Crude was up $4.07; Natural Gas was up 13 cents; Heating Oil was up 11 cents; and Gasoline was up 11 cents.
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