May 4, 2023
Wednesday, May 3
rd saw the front-month NYMEX Natural Gas Futures Contract open at $2.181, three cents below Tuesday’s closing price of $2.214. Reaching the intraday high of $2.192 by 9:15AM, comfortable temperatures in the short-term forecast have left the contract directionless. Awaiting Thursday’s storage report, prices traded sideways throughout the session, marking the intraday low of $2.103 ahead of midday, June closed lower on Wednesday at $2.170.
The EIA Natural Gas Storage Report is due out on Thursday at 10:30AM. The report is expected to show a 50 BCF injection to storage for the week ended April 28. This compares to a 77 BCF injection at this time last year and a five-year average injection amount of 78 BCF.
As of 7:10AM EST this morning in Globex, WTI Crude was up two cents; Natural Gas was down one cent; Heating Oil was slightly higher; and Gasoline was slightly lower.
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