May 12, 2022
Wednesday, May 11
th saw the June NYMEX Natural Gas Futures Contract open at $7.617, twenty-three cents above Tuesday’s closing price of $7.385. Sinking to the intraday low of $7.617 early on, the contract posted a jump to the $7.640 level as short-term weather forecasts turn bullish. Climbing to an intraday high of $7.721 at 9:30AM, prices traded within a nine-cent cent of $7.620 for the balance of the day as June closed higher on Wednesday on $7.640.
The EIA Natural Gas Storage Report is due out on Thursday at 10:30AM. The report is expected to show a 64 BCF injection to storage for the week ended May 6. This compares to a 71 BCF injection at this time last year and a five-year average injection amount of 82 BCF.
As of 6:30AM EST this morning in Globex, WTI Crude was down $1.78; Natural Gas was down 33 cents; Heating Oil was down 15 cents; and Gasoline was down four cents.
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