May 5, 2023
Thursday, May 4
th saw the front-month NYMEX Natural Gas Futures Contract open at $2.149, two cents below Wednesday’s closing price of $2.170. Achieving the intraday high of $2.163 within minutes of the open, prices stepped down to the $$2.120 level ahead of the weekly storage publication. The contract proceeded to fall to the intraday low of $2.085 as the storage injection fell in line with expectations. Fluctuating along either side of $2.110 for the duration of the remaining session, June closed lower on Friday at $2.101.
The EIA Natural Gas Storage Report published on Thursday showed a 54 BCF injection to storage for the week ended April 28 – in line with the market estimate of 50 BCF. Total working gas in storage was reported as 2,063 BCF; 32.6% above this time last year and 19.8% above the five-year average.
As of 7:15AM EST this morning in Globex, WTI Crude was up $1.78; Natural Gas was down two cents; Heating Oil was up five cents; and Gasoline was up five cents.
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