May 20, 2022
Thursday, May 19th saw the June NYMEX Natural Gas Futures Contract open at $8.090, twenty-eight cents below Wednesday’s closing price of $8.368. Marking the intraday low of $8.056 in the day’s opening minutes, the contract rose to trade along $8.200 in the hour preceding the weekly storage publication. Rising confidently as the report hit the wire at 10:30AM, prices peaked at an intraday high of $8.500 at 11:25AM. Losing ground in the afternoon hours as profit-taking took hold, June closed lower on Thursday at $8.308.
The EIA Natural Gas Storage Report published on Thursday showed an 89 BCF injection to storage for the week ended May 13th – even to the market estimate. Total working gas in storage was reported as 1,732 BCF; 17.1% below this time last year and 15.2% below the five-year average.
As of 6:50AM EST this morning in Globex, WTI Crude was up 24 cents; Natural Gas was down 36 cents; Heating Oil was up one cent; and Gasoline was up five cents.
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